Thursday, August 02, 2007

Disney buys Social networking site, Club Penguin

Disney has entered the social networking field by buying Club Penguin for $350m (£172m).

The site features animated penguin avatars living in a snow-covered virtual world and users take part in group activities to earn currency and furnish their homes.According to figures released by Disney, Club Penguin boasts more than 12 million activated users, primarily in the US and Canada.

It also has more than 700,000 subscribers, paying $5.95 a month or $57.95 a year.
"Club Penguin embodies principles that are of the utmost importance to Disney, providing high-quality family entertainment and fostering parental trust," said Bob Iger, Disney president and CEO.

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