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Old, New Media Execs to Discuss Future of Online Social Networks

Senior media and ad execs from old and new media groups from Yahoo to YouTube plan to meet next month for a brainstorming session hosted by McKinsey management consultancy aimed at capitalizing on the increasing popularity of social networking websites, Financial Times reports.

“Advertisers are looking for leadership on how to find ways of reaching the growing audience for user-generated content,” said Aaron Cohen, chief exec of Bolt Media, who is involved in planning the meeting.

The need for leadership has recently become clear. According to Forrester Research’s recent survey of 253 interactive marketers, although marketers have expressed interest in new web channels like social networks and video games, most don’t plan to use the venues in the next year.

The meeting reflects the rapid shifts felt by the media industry as consumers, particularly younger audiences, spend more time on social networking sites like MySpace and sharing user-created blogs, photos and videos rather than content produced professionally.