SOURCE: Social Media Ventures, Inc.

November 24, 2009 09:19 ET

SMVI Launches "Virtual Goods" for

By 2010, It Is Estimated That the Virtual Gift Industry Could Hit Revenues of $1.6 Billion as Users Become More Comfortable Paying for Virtual Goods

JERICHO, NY--(Marketwire - November 24, 2009) - Social Media Ventures, Inc. (PINKSHEETS: SMVI) is pleased to announce that it has completed the first phase of its planned virtual goods software platform for members of the Company's innovative social networking site for pet owners, ( ). The virtual gifts program is now active for all registered members of

A Virtual Gifts Boutique is now available for all registered members of Members of the online pet community can choose from holiday theme gifts as well as unique gifts that members can send to their friends online, based on the activity points earned through their member profile page at

The company's timing is certainly good: a recent report suggested that the virtual goods market could be worth over $400 million this year, and approximately $5.5 billion globally.

In addition to providing greater engagement among members of, Management plans to integrate an ecommerce feature in which members will be able to purchase additional "exclusive" virtual gifts though member PayPal accounts to earn revenue.

"The response from members of PetsPlaces to our Virtual Gifts program has been very positive," said Robert W. Thayer, CEO of SMVI. "We are excited about the potential of entering this market and understand how virtual gifts provide an enjoyable experience for our online community at We are very hopeful that our virtual gifts program will create a new, sustainable revenue model for in this upcoming New Year."

About Social Media Ventures, Inc.

Social Media Ventures (SMVI) is an online media venture company, creating and acquiring niche social networking websites as well as revenue generating web sites. SMVI will integrate an online advertising program that focuses on attracting advertisers to its core demographics for each social networking site. Currently SMVI operates next-generation social networking sites including and

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