Featuring a cast of unknown actors and shot documentary style for just $15,000 in 2007, Paranormal Activity racked in $7 milllion and opened No. 5 after showing in 160 across North America last weekend. Paranormal has social media to thank for its success, says Paramount Pictures Vice-Chaiman Rob Moore.

“We all spend a lot of time talking about Facebook and Twitter and our ability to communicate.Here’s a case where it allows people to rally around a movie they care about and for them to have a sense of participation, then tell other people, ‘Hey, this is something you should see, too.’”

The film, already dubbed “The Scariest Movie Ever,” follows a young San Diego man recording strange happenings in the house he shares with his girlfriend.

This looks interesting! Anyone seen Paranormal Activity yet? We can’t wait to hear your thoughts on it. Is it worth the hype?

On Monday, rival social networking services Facebook and MySpace announced that members will be able to get online video of Tuesday’s public memorial for Michael Jackson.

Singers Stevie Wonder, Jennifer Hudson and Mariah Carey are among a bevy of stars slated to appear at today’s memorial service at the Staples Center in Los Angeles.

The 90-minute event will celebrate of the life of legendary pop icon Michael Jackson, who died on June 25 at age 50 of an apparent cardiac arrest.

Facebook users will be able to watch streaming video of the Tuesday memorial courtesy of an alliance with CNN Live. While MySpace members will get the same opportunity, thanks to a collaboration with AEG.

“The memorial will be streamed real time, free, and people will be able to comment or link over to Michael Jackson’s profile,” said Sarah Joyce of MySpace Music. “We are picking up the stream and showing our support.”

A Michael Jackson page at Facebook has topped 6.5 million fans, making it the top “fan page” on the site. Free virtual versions of Jackson’s infamous glove are the most popular gift at Facebook, with more than 800,000 having been sent to members.

“Internet users across the globe can watch (the memorial) live while simultaneously updating their Facebook status and following their friends on Facebook — and other Jackson fans around the world,” Facebook said in a release this week.

Facebook is getting the Hollywood Treatment. David Fincher is reportedly on board to direct The Social Network, about the inception and evolution of the popular social networking site, Variety has learned. Aaron Sorkin will write the script.

Facebook owns you!

Popular social networking site Facebook changed its terms of service two weeks ago, and boy did that stir up a stink. The new TOS stated that Facebook owned all your pictures, information, and anything you wrote on your account, even after you close it.

This upset many Facebook fans, who decided to protest the move–a lot. The 88,000-member-strong “People Against the New Terms of Service” Facebook group was one of the most outspoken opponents of the new policy.

On Wednesday Facebook released this statement, stating that is doing away with its new Terms of Service agreement and going back to the old way of doing things.

Terms of Use Update

Over the past few days, we have received a lot of good feedback about the new terms we posted two weeks ago. Because of this response, we have decided to return to our previous Terms of Use while we resolve the issues that people have raised.

Thoughts on this?

It all started last week when Lindsay proclaimed the hotel heiress a “pathetic bitch” after Paris set up a group on the site called “Firecrotch,” referring to the actress’ red hair and notorious L.A bed-hopping.

Paris hit back, calling Lindsay the pathetic one because it was she who set up a Facebook group “Paris Wets Herself” first. Facebookers are egged on to join up if they hate Paris and would like to laugh at her bladder control problems.

Amy Winehouse is using her Facebook page to organize her high school reunion.

The 25-year-old five-time Grammy Award winner lost touch with most of her friends from London’s Sylvia Young Theatre School once she began an international singing sensation, and the star is reportedly anxious to learn what her old pals have been doing with themselves for the past seven years.

“Amy’s starting to contact her old friends on Facebook to organize a class reunion,” a source tells Mirror.

“She says she wants to touch base with people who knew her before she was famous and who were genuine friends.”

The source adds: “A lot of her ex-classmates have gone on to have successful careers without the freak show that Amy’s become.”

“She just wants some of that wholesome life back and feels she has a lot of fake people around her.”

Paris Hilton’s private photographs were made public for a brief period of time after a security glitch on Facebook.

Byron Ng, a Canadian computer buff, was able to dupe the site’s new security measures and take a look at P.H’s private photos, including several of the socialite partying at a Emmy Awards post-party. There were also pics of her the heiress’ underagebaby brother, Barron, guzzling down drinks with his friends.

Byron was able to breach the security wall and access parts of other accounts without the owners’ knowledge.

Byron tipped off the Associated Press and it too was given a free reign to browse through private snaps – including some posted by Facebook founder Mark Zuckerberg. The AP then alerted the site to the bug, which was corrected within the hour.

“We take privacy very seriously and continue to make enhancements to the site,” Facebook spokeswoman Brandee Barker said.

CBS correspondent Lesley Stahl sat down an interview with Mark Zuckerberg, the college-educated CEO of Facebook on 60 Minutes on Sunday.