It is clear that social networking is a space with heavy competition, and where scale defines success. Bebo, unfortunately, is a business that has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space," wrote AOL Ventures EVP Jon Brod in a memo obtained by paidContent. AOL is not in a position at this time to further fund and support Bebo in pursuing a turnaround in social networking."