The folks at Compete have some fascinating new data out comparing major web properties on the basis of time per site. By that measure, which is a truer media measure, Myspace is out in front, with Yahoo somewhat further back, and Google trailing in fifth place.
As the Compete folks point out, the top twenty domains capture 39% of our online time, and only 2.1% of online time gets spent at Google. The latter is a function of the relatively low penetration of Gmail, with Google being more of an information transactional site — I want this, where is it — than a time-consuming site.
Taking a somewhat different perspective, it is another good reason why Yahoo has so much leverage in 2007. With the company so far out in front of Google in terms of time spent on Yahoo properties, it comes down to monetization — Yahoo has the audience, it now has to do something with it.