Joga.com is social network for world-wide soccer fan. Although joga.com is sponsored by big companies (namely Google and Nike), its traffic has not been on a steady growth. On the other hand, traffic to Myspace.com (THE generic social networking site) has been on a phenomenal upward growth ever since late 2005. So the question is: is there value in creating niche (such as sports) social network sites?
Two other VC backed niche social networks, wiredberries.com and takkle.com, are in the same boat as far as growth in traffic is concerned.
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Update: a new sports social networking site Ballhype.com just released their public beta.