 She
is the Goddess of Social Networking. If she blesses
you with the right connection, she can change your life
forever. She is worshipped by the millions who seek
her out. Devotees construct Web sites for her as if
they were temples. She sustains a $6.5 billion industry
that grows annually. What's more, she's been doing so
for thousands of years—long before the Internet
and the term social networking came into vogue. |
She is every Indian's aunt, affectionately and reverentially
called Aunty-jee (jee is a suffix to denote respect,
as in Gandhi-jee). And she single-handedly drives the very
Indian industry of marriage brokering called matrimonials.
"You must meet that lovely girl," I can hear Aunty-jee
saying. "She's the daughter of an army officer. The whole
family has a professional background. She's gotten a BA from
Delhi University. And her mother is a gem of a person."
Whether it's a "girl" or a "boy" you're
looking for, Aunty-jee is the person you need. She knows everyone
and everything. She keeps a running mental database of family
lineage and current activities. No one is beyond a degree
or two of separation away. Her business is your business—even
when you don't want it to be.
Just because she's called Aunty-jee doesn't necessarily mean
she's your relative. She's a family acquaintance, a guest
at a party, a friend of a friend—a social networker.
Her brand has such social capital that community Web sites
are named, simply, Auntyjee.com
She'll introduce herself with or without an invite: "Hello
dear! Whose son are you? What's your last name? What do you
do? What does your father do?" You find yourself busy
answering these questions before you can even think of asking
her who she is.
Aunty-jee sizes you up in her mind as you answer. Indian last
names are like postal codes. They usually reveal your religion,
caste (if applicable), and region of lineage. By the time
you're done answering, Aunty-jee has already run through the
combinations and permutations that will make you "a suitable
boy" for the many young and single women on her mental
database.
The computations usually yield actionable items. "You
should come to Renu's party on Friday night. Sonia [prospective
partner] will be there. Tell Renu I sent you. I'll be there,
but just in case, I'll call Renu to make sure she introduces
you to Sonia and her family."
Aunty-jee is the social network node that knows the value
of a connection. Before you know it, you're married to a Sonia.
So what does this mean for the Friendsters, LinkedIns, Orkuts,
and Spokes of this world? In a few words, she can teach them
how to make money.
It's at the point of the marriage event that the money kicks
in. Indians spend about almost $4.5 billion a year on wedding-related
gold jewellery alone. And another $2 billion is spent on catering,
clothing, resorts, and venues.
For social networking to be fully monetized, the nodes in
the social network need a convergence event. These events
provide a focal point where new networks are created and existing
ones utilized. That's why Aunty-jee needs a wedding. Her monetization
is in the form of gifts, party invites, and a cache of social
capital.
So, here's the prediction. While some money will be made by
social networking companies by subscriptions, online transactions,
and licensing of software, the really big money will be made
by the vertical integration of online networking and offline
networking.
The sum will be greater when there is a merger of social networking
companies and conference and events organizers. That's where
the merchandise, memberships, personnel, and company equity
will be ultimately bought and sold.
The global conference industry totalled about $102 billion
last year, according to Meeting Professionals International.
That's a pretty lucrative market for the online social networks
to target.
Bundeep Singh Rangar is COO for Ariadne
Capital. |
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