I had an interesting discussion over the weekend about Sermo’s deal with Pfizer, and how it might impact the model for the social network business. What’s particularly interesting in this case is the idea that niche communities offer a new revenue stream for social networks — that is, niche communities inherently offer content with value. Whereas general networks are chasing the same ad dollars, Sermo makes money by charging investment professionals to view postings. It’s in the company’s interest to have Pfizer on board, as dialogue between the company and physicians will enhance the site’s content. So while the press goes gaga for Facebook, maybe it’s the smaller social networking communities that will have a bigger impact in the long run.

And from a communications perspective, the agreement is encouraging. As drug companies continue to reluctantly look for a way to engage in an open and transparent fashion online (while wary of regulators), both Pfizer’s and Sermo’s willingness to test the waters in this fashion could be seen as a breakthrough moment in years to come. Sermo CEO Daniel Palestrant, had this to say in an interview:

“Our choice was either one of engagement or contention. We’ve decided on engagement. Through both structured and unstructured means, our community will be engaging with industry in a very broad and unprecedented transparent fashion.”