Media

ASMALLWORLD, High-End Social Networking Site, To Be Profitable By Q4

The Weinstein Company may be having financial problems, but one of its investments appears to finally be doing well.

ASMALLWORLD, the exclusive high-end social networking site backed by the production company (among others), has reported an 11% increase in ad revenue from Q1 to Q2 and plans to be profitable by Q4. This remarkable turnaround — the site laid off 40% of its staff last fall — is all the more surprising given the downturn in the advertising market and the debate lingering over the profitably of social networking sites as a whole.

"In tougher economic climates, luxury advertisers, in particular, are looking for highly efficient, integrated buys," ASW CEO Joe Robinson said. "They need to be smarter than ever. We offer a unique platform to inform and engage a select group of people."

ASMALLWORLD has 400,000 members worldwide, and in the last quarter has added advertisers including Volkswagen, Mercedes, Tudor Rolex, JLC, M Gallery and the Starwood Hotel Group.