Is there room for another social networking site?

I have a friend who is spending a fortune develop a new social networking site. He's attitude is there is always room in the market but I'm not so sure? I know people want something new and sometimes some of the sites becuase they are so big not don' really have that personal touch. You know that saying 15mins of fame or 1 gig of privacy?...Your thoughts are welcome :-)

Is there room for another social networking site?cute myspace

Nope. New social networking sites have done their "3 months" are now suffering at staggering money losses (server costs, traffic, bandwidth, no advertisments to offset costs)

these type of things are "fads" and as with every fad, they are good for a short time and fade away. Unless you have a major media advertising back up (ie myspace is owned by Fox) he will be SOL.

Is there room for another social networking site?custom myspace myspace.com

I would say yes and no.

If he has a new spin on it, yes. For example supporttube.com is a new spin on youtube.com.
sure theres room, as long as it offers something new and is done well.

im not a big fan of myspace, it seems full of goths to me. i would join one where rock music was not allowed.... but thats just me bieng fussy.
Of course there's room, it would need something original going for it to make it stand out and last.