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According to yesterday's article in the Guardian, the three largest social networks in the U.K., MySpace, Facebook, and Bebo, all experienced large drops in membership between December, 2007 and January, 2008. Is this one month of falling numbers a fluke or have the networks reached a plateau? Says, Alex Burmaster, Nielsen Online analyst, "One month of falling audiences doesn't spell the decline of Facebook or social networking. However, most of the leading social networks are less popular in the U.K. than they were a year ago."

While the media and Silicon Valley have lost our collective minds over the rise of Facebook over the past year, traffic analysts Hitwise released numbers today indicating that things are not as they might seem. Apparently, all the Facebook hype has not translated into a huge growth in social network market share among US users. Hitwise says that Myspace received 72.32% of US visits to the top ten social networks in December 2007, while Facebook received just over 16%.

How about year over year growth? Facebook had 10.59% marketshare in December 2006, Hitwise says. Myspace dropped from nearly 79%. It appears that social networking has grown in general; though Facebook posts impressive numbers of new users, in terms of sheer visits Myspace is nearly keeping up with its growth.