Promoting a concert can be a tricky business, but can be carried out largely online these days. I would recommend you use this as just one tactic though, combined with more traditional ways.
MySpace is good particularly if you have a big list of friends already. Bear in mind that they need to live close enough to your event to be able to make it on the night though. Send out regular broadcasts and keep you blog updated with news about the concert.
Facebook has the advantage of groups being built up by location, so you can search for these and promote to them.
I would suggest making a video to promote your event, maybe a song or performance just for online. You can then post this on YouTube and Helloworld as well as the other video networks.
Helloworld has the added advantage that you can broadcast your concert live - so people all aruond the world can view it (they don't need any software or downloads at all their end) and you can even charge pay per view if it is a charity event for example.
If you have any doubts (or even if you don't!) about promoting your concert I can highly recommend The Complete Concert Promoters Guide - it is very cheap and has all the information you need to make your event a success. Check it out now by clicking here
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