been working with this site here since oct 06 and wo advertise got like 7k members. still waiting for few updates like multilangue and others updates.
It's possible. I can gaurantee you it will succeed if it had no advertisements (maybe just text link ads).
Don't think it's possible to be the next Myspace. Probably best option is to niche it out or create something totally different. It's like that milliondollarhompage thing. All the other clones couldn't even do half as well as they did.
you cant copy myspace ides and be as big as they are. liek people that make "latinospace" "blackspace" "whitespace" "dogspace" you are all working on some body elses idea, so it wont be ever up to the same level as the old sites. You need a totally different idea, you need a decent advertising budget or a killer PR campaign.
I've been developing the new version of facevault for around 7 months, thats with a team of 4 people working on it. OPening in 3 months time, so will have been almost a year of had work, and we only have 10,000 members (but thats gonna grow quite alot with some of the stuff we've done )
I've seen a lot of myspace clones or other social networking scripts...but how much do you think it will cost to ask a programmer to develop a social networking site from the ground up with many new features that myspace does not have.