I want o create a social networking website,is that a good idea?

With all the success that myspace,facebook etc had is it a good idea to start my own social networking website?I know that i should come out with a new idea but what should i create?Will i make good money out of a social networking website?

I want o create a social networking website,is that a good idea?search myspace

I wouldn't be discouraged from starting a site just because there are others already out there - Google was born well after Yahoo, Lycos, Excite - but how about gearing it to a specific niche instead of just everyone. You could start a site for pet owners, or handicapped web users, or Iraqi teenagers, etc. Or you could have a specific feature like real time GPS nautical tracking for Pirates, or a site for people that love to review New York City hot dog vendors.

I want o create a social networking website,is that a good idea?good myspace myspace.com

Its an oversaturated market. Try something original. Think about mashups.