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Pet Health Insurance Market Expected to Reach Over $650 Million by 2010 Jericho, New York
Social Media Ventures, Inc. has announced that its social networking site for pet enthusiasts, PetsPlaces.com will now offer pet health insurance, one of the fastest growing services in the booming pet industry. Americans currently spend $51 billion annually on their pets as reported in a BusinessWeek story. Veterinary Care ranks as one of the largest expenses, which the American Veterinary Association reports costs pet owners more than $18 billion annually. In addition, The American Animal Hospital Association reported that 73 percent of pet owners are willing to go into debt to pay for their pet's medical expenses. Pet insurance is an increasingly popular way for pet owners to mitigate these medical expenses.
According to a CNBC report, Pet health insurance is the third most requested employee benefit. To meet this growing demand, major corporations like Home Depot and Blockbuster Video now offer employees pet health insurance.
"Pet health insurance is one of the fastest growing subsets of the booming pet market," said Robert W. Thayer, CEO of Social Media Ventures, Inc. "We are very excited to now offer pet health insurance to our social networking site for pet enthusiasts, PetsPlaces.com." The pet health insurance is made available through an affiliate program provided to Social Media Ventures for PetsPlaces.com. PetsPlaces.com allows pet owners from all over the world to come together online, create member profiles, share photos and interact with each other on a daily basis.
About Social Media Ventures, Inc.
Social Media Ventures (SMVI) is an online media venture company, creating and acquiring niche social networking websites as well as revenue generating web sites. SMVI will integrate an online advertising program that focuses on attracting advertisers to its core demographics for each social networking site. Currently SMVI operates two social networking sites, www.petsplaces.com and www.rocktag.us.