The meme tracking space is really heating up. There are established players like Memeorandum, Technorati, TailRank, and Blogniscient. And, there are some new entrants like Megite, Chuquet, Newsbump, and IT Blogwatch. Then there are the user voting players like Digg, Reddit, Slashdot, and others. The search engines are also getting into the game but from a search ranking algorithm perspective. Findory, Jookster, Wink, and others are emerging in this space.
It is not clear which approach will work best. Each will attract a loyal user base who likes the feature set, UI, and model.
I expect the big players will make some acquisitions this year. The rest will need to get their revenue models in place to generate cash flow for the long run as independent companies.
This technology is not that complicated. It is more art than science. The User Interface and the way the results are displayed, categorized, and aged, are as important as the underlying algorithms. The barrier to entry for new players is very low. So there will be a shake out. There will be a few winners who make a lot of money, and a lot of "also rans" who will fade away. That is the nature of the fast paced high tech game.
I think 2006 will be the year when winners and "also rans" will be decided. The user community votes with their clicks and ultimately decides who wins. This will be fun to watch.