nowEurope

Sure, we have social networking in Europe. Here in Hungary, last year, everybody I know was signing on to IWIW. Earlier this year, the pan-European Xing began holding face-to-face events here, too. But these services pale when compared to the juggernaut that is Cyworld. (I’m now finishing research for eMarketer’s South Korea Online Overview.)

One third of South Koreans have used Cyworld and 90% of those in their 20s have an account. Cyworld earns $300,000 each day through the sale of virtual goods. Users upload 6.2 million photos each day. The service rivals iTunes in music sales, and serves more video than YouTube. Cyworld is addictive as hell, and it’s launching in Germany soon.