As of February 2009, Facebook is the "Monthly Attention Leader", commanding nearly 6% of all time spent online by Americans.
While Facebook leads in engagement, it still lags well behind Google and Yahoo! in overall audience. MySpace is the losing end of the trends in Compete.com's numbers, showing a dramatic fall in its attention share since Facebook's platform launched
(from Compete.com, via AllFacebook).
Facebook partly succeeds because they explode their content more than almost any other social networking application. They use Facebook Connect, the large number of feeds they provide and their numerous different supported interfaces (web, mobile web, text messages, smartphone apps and others) to make Facebook a ubiquitous and portable experience.
Supporting Facebook can make anyone more effective than those corporations that limit the use of their content on Facebook (including some major media corporations). By keeping content off of Facebook's "social graph" the best one can accomplish is 94% success.
For instance, MySpace would benefit at this point by building a compelling Facebook application to make MySpace available from within Facebook. This would be admittedly bold, but since MySpace is now in the shadow, bold is the safest choice. They also need to improve their mobile solutions and explosion of content (making it accessible in numerous ways).
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