Key points of the site will be user profiles and “Best of” lists, which, as Blanchard described, will be done in an “American Idol” style.  He also said that 1,000 back issues of the magazine will be available on the site and on DVDs.

But is Rolling Stone’s entrance into social networking too late?  In many ways it’s a surprise the magazine hasn’t joined the Web 2.0 rollercoaster already.  It faces stiff competition from sources like Pitchfork Media in the music review business, and of course will struggle to pull eyes away from MySpace, a reliable music source even for non-account holders. 

Not to mention that music review magazines are obsolete in many ways.  Downloading services like Rhapsody, Napster, and iTunes offer a recommendation system that provides customers targeted reviews and purchasing advice.

Rolling Stone does have powerful content, however, and a brand that emphasizes a specialty in music history.  Whereas Pitchfork may cover today’s indie scene better than RS, no one supplies a better take on the past.

Which brings up another question: Who are Rolling Stone’s readers?  According to its site, 57% are between 18 and 34, and 56% have an annual household income exceeding $50,000.  Doesn’t necessarily sound like the kids are the customers, does it? 

So will social networking make sense for a magazine whose readers potentially couldn’t care less about creating a profile and maintaining a “Best of” list? 

It depends.  Rolling Stone has an opportunity to utilize a library of written content and photography surpassed by few magazines.  Having helped establish the careers of Hunter Thompson, Cameron Crowe, and MTV’s Kurt Loder, among many others, Rolling Stone is regarded as an excellent source of music editorial.  Creatively utilizing its content in a way that supports the brand and diversifies it from other social networks will be the key.  Rolling Stone has the opportunity, in other words, to reach a different audience from the household name sites.

Michele DiLorenzo, the founder of CultureCloud, a social networking site targeted toward an older audience than MySpace and Facebook, said she believes adults are not averse to social networking.  The key for older generations is finding topics and ideas for which they have an interest.  In other words, it’s not merely the gossip they’re after, it’s the information. 

Rolling Stone seems well-positioned in that regard.  Whether it decides to join the teen social networking muck and become another face in the crowd, or help lead the evolution to a more sophisticated form of internet socializing will be interesting to see.  Loyalists have their fingers crossed it’s the latter.