"Representatives from more than twenty-five agencies, brand advertisers, and social media companies are joining to form the Social Media Advertising Council."

I didn't make this up. They issued a press release and everything.
They want to set standards for buying and measuring social media activities. As well, as creating "a common vocabulary, standard buying units and uniform measurement methods for marketing within social media."

Participating agencies come from across PR and advertising: Edelman, Havas Digital, Enfactico, Mediavest, Universal McCann, W2, Digitas, Deep Focus and some other companies.

Can't wait to see how this works out. If you are interested in SMAC membership can contact: Christine Baptiste at cbaptiste at gatherinc dot com .