Can MySpace, Twitter, blogging, etc, be very important for your music career? Sure they can. But way too many musicians and music related businesses let these social networking tools become their jobs instead of the music. If you're devoting hours a day to making MySpace friend requests or adding people on Twitter, you're going about this all wrong and have gotten off track a little bit.
The bottom line is that you're not going to win many new fans by being their virtual friend. You're going to win new fans by writing some good music. Social networking is a promotional tool that you can use to let people know about the things you're working on to keep them interested and engaged, and an important part of managing it well is exercising some restraint when it comes to how much time you spend on it versus other things you need to do for your music career.
If you're still unsure, take a good listen to some of the musicians on social networking sites that have tens of thousands of friends/followers - you'll see pretty quickly there's no real correlation between number of friends and musical prowess. Remember why you're online in the first place - to promote your music. Make your offline work the priority.
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