Latest research from eMarketer predicts that Facebook will earn $1.28bn from advertisers worldwide in 2010. Myspace, however, is expected to earn $347m, down from over $400m in 2009.
Ad spending for Facebook in the US alone is expected to be $835m in 2010, a significant rise from $500m in 2009.
The research also states that ad sales for Facebook are estimated to reach $1.76bn in 2011.
Facebook’s self-serve ad platform was seen as its fastest growing area, according to eMarketer analyst Debra Aho Williamson.
"It’s really become a tremendous business for the company,” Williamson said.
“We didn’t account for the size of that business last year in our estimate, but we found that it’s become a great tool for direct-marketing advertisers."
The figures come as no surprise, considering how Facebook reached 500 million members last month. And its user base is still growing.
Myspace, in comparison, is not predicted to be as successful. With 120 million members, it currently cannot stand up against Facebook’s success.
"MySpace and Facebook really aren’t even competing in the same category anymore," Debra Aho Williamson said.
"Which is good. For MySpace to be successful they need to carve out their own place."
Myspace is making plans to redesign its homepage in order to attract new members, particularly those among the 13-34 demograph, where it once thrived in.
Their focus is to simplify the page, so that it can highlight and expand its users’ stream. It is also to consolidate recommendations so that they are less scattered around the page.
According to Myspace president Mike Jones the relaunch of its homepage is expected to happen in autumn of this year.