Total revenue for the period reached €25m, with 514,000 paying members contributing €20m to the figure. The results show healthy year-on-year growth, compared to total revenues at €12.5 and 325,000 paying members in the same period in 2007.
Launched in the UK in April this year, Xing is one of the few social networks to release a breakdown of its revenue figures. While social networking sites often struggle to convert their popularity into revenues, the Xing model of a subscription-based service for premium members has provided around 80% of total revenues in the year to date.
Other social networking sites such as Facebook and rival business networking site LinkedIn are completely free to use, but as such rely on advertising revenues to monetise their massive popularity, in a space where advertising messages are not always welcome among users.
MySpace launched a new advertising system this week called MyAds, aimed at small businesses, that allows anybody to buy advertising space on the social network. The company hopes the new system will boost profits and regain the top spot as the world's biggest social network from Facebook.
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