I was recently reading a piece by Nicolas Carlson on Internet News about MySpace and the question of whether there's revenue to be made using MySpace.

According to Carlson, Myspace isn't making any money and …

Not only is MySpace America's most popular social-networking site, having earned 79.9 percent of the market in June according to a Hitwise study released this week, but it is also America's most popular Web site, representing 4.46 percent of all Internet traffic.

Everyone seems to be wondering why MySpace's Rupert Murdoch isn't using contextual advertising in addition to the banner ads they run.

Compounding the problem is the fact that MySpace doesn't even get the lucrative blue-chip brand advertisers to buy those banner ads despite the fact that its member demographic is the young and malleable crowd after which marketers lust.

I blogged about MySpace on my Affiliate Program Blogger blog, asking the question … Is MySpace A Waste? And, I find myself still wondering the same thing and apparently, I'm not the only one wondering it.