Social Networking Sites Buying Internet Original Content

WSJ today gives overview of social networking sites getting into business of producing online video. Article features three shows:

- Kate Modern, a mystery on social networking site Bebo.
- Roommates, a soap opera on MySpace TV
- Special Delivery, a hidden camera reality show on MySpace TV.

It notes that while MySpace and Bebo push into original content, Facebook hasn't and other internet companies - AOL and Yahoo, specifically - are backing away from it.

Article doesn't disclose budget for KATE MODERN but says Bebo sells sponsorships at $400,000 for six months.

Claims production budgets for Roommates and Special Delivery are about $1000 per minute.

Article also notes that the shows themselves aren't very profitable to their writer / producers, who are portrayed as doing internet stuff to build assets and relationships "in a bigger entertainment medium."

If you've watched these shows, use the comments to tell us what you think.

If you've had experience trying to sell a show to Bebo or MySpace or any other company investing in internet original content, tell us what can about the process: deal points, budgets, development process.

WSJ article also links to excellent post by Kara Swisher where she takes Hollywood to task - creative talent as well as the companies - for being risk-averse and lazy and for making "Web material that clearly is derivative of current media like television, rather than [trying] to imagine a whole new way of creating content that reflects and excels on the online platform."