Can Social Networks Be Monetized Effectively?

People always ask me what the most effective way is for monetizing a social network or a social application. My response? Charge people to build the social networks or applications and let them figure it out. The next best way of monetizing a social network site is through branded affiliations. Last night Google appeared to blame their missed earning on one thing: underperforming social networking inventory and an increase in traffic acquisition costs for those sites.