Adknowledge’s Buying Spree Continues: Grabs Up Virtual Currency Firm

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Adknowledge has bought out KITN Media, parent company of Super Rewards, a virtual currency platform for social networks and online games. This is the ad network’s sixth acquisition in the past two years — it most recently bought MIVA’s media division for $11.6 million — but its first foray into the virtual goods market. Terms of the deal were not disclosed, but the buy fits right in with Adknowledge’s roster of social networking-centric ad properties.

Social and casual game developers use the Super Rewards platform to help monetize their content; players get virtual currency in exchange for viewing ads or signing up for specific offers. Companies like Super Rewards are fueling a multi-million dollar virtual economy across various social networks, and it’s such a lucrative market that the networks are developing their own payment platforms.

Adknowledge CEO Scott Lynn is quite bullish about the earnings potential for virtual currency platforms — particularly when it comes to monetizing social media. “We believe that what contextual ads did the for the web, virtual currency is doing to the social web,” he told Mediapost, adding that together, Adknowledge and Super Rewards would bring in roughly $250 million in revenue this year. Release.

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Finally some people realize the potential of virtual currencies and other-than-ad-supported business models.

Too bad that each social network (and soon each portal) tries to build its own currency, instead of using the ones that are universal and can go across media and political boundaries.

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