As a whole, the Internet is now second only to television as a source of entertainment, and social networks are delivering higher value than other forms of entertainment, say researchers at Edelman (News - Alert), after surveying 1,000 participants from the U.S. and the U.K. markets.

In the United States, the rise of the Internet as a frequent source of entertainment is most dramatic in the 18 to 34 group, rising from 27 percent in 2009 to 42 percent in 2010. In the United States, 32 percent of 18 to 54 year olds look most frequently to the Web for entertainment (compared with 58 percent watching TV). The Internet also ranked second in the UK, with 30 percent turning to the Web most frequently, compared with 57 percent watching TV. 

About 73 percent of 18 to 24 year olds in the United States and 61 percent in the United Kingdom see social networks as a form of entertainment. About half of U.S. users and and 56 percent of U.K. respondents aged 35 to 49 also consider social networking sites as a form of entertainment.

The 'danger' or 'opportunity' is that the majority of respondents in both the U.S. and U.K. markets think social networking sites provide better value than music, gaming and television experiences provided by media companies.

What the survey found was that the boundaries between online socializing, entertainment and information are being blurred such that social networking websites like Facebook (News - Alert) are evolving into 'info-tainment' destinations,  or social entertainment.

In fact, the majority of British and American Internet users involved in the survey perceived social networks to be sources of entertainment, a shift away from their traditional role as information providers and disseminators. About 73 percent of Americans and 61 percent of Britons say this is the case.

While social networking sites may not yet be recognized as entertainment companies, they are heading in that direction.

The study also suggest a resistance on the part of users to exchange personal information in return for free entertainment. Some 89 p[ercent of U.K. respondents say they would not be willing to give up personal information to access free entertainment. 

Content access across devices also seems to have grown in importance over the past year. Some 65 percent of U.S. respondents think it is important that they are able to access their entertainment on a number of different devices, for example, while 59 percent of U.K. respondents likewise consider that important.

About 58 percent of U.S. respondents and 53 percent of U.k. respondents say they are willing to pay for content if they were able to move it across devices.

On average, U.S. respondents say they spend $47 per month on entertainment content. On average, UK respondents spend 25 pounds Sterling per month on entertainment content.