News Corporation is preparing to launch a professional social network called WSJ Profile. During News Corp’s investor day in New York, Dow Jones CEO Lex Fenwick revealed that they are going to turn the Wall Street Journal into a platform so that users can do more than just reading the news.
?If you build applications and become a platform, it does lots of magical things that help us,? stated Fenwick. ?It increases the customer stickiness and it means the customer spends longer on the site then he or she previously was. It allows targeted advertising as you start to understand more about your customer, what their interests are and what they may care about.?
Below is a screenshot of what the new service looks like (via TheNextWeb):
WSJ Profile users can easily set up a digital resume that looks similar to LinkedIn. Users input their contact information, a bio, educational details, and work credentials. WSJ Profile is going to launch in a couple weeks, but we do not know yet whether this will be rolled out internationally or domestically first.
This is not Dow Jones’ first foray in social networking. The company bought MySpace several years ago for $580 million, but sold it off for $35 million to Specific Media. The new social network will help keep Wall Street Journal users engaged and may lower their bounce rates.