Facebook’s raking in the money and crushing the competition, according to a new report from eMarketer.  eMarketer believes advertisers will pay Facebook $1.29 billion this year, which is about 3.7 times the amount it expects MySpace to receive.

You can read a Facebook-specific chart for yourself below.  As for its traditional rival, eMarketer said in a statement, "MySpace is diminishing in importance, with an expected $297 million in ad revenues worldwide next year, down 14% from $347 million this year."

MySpace isn’t the only company that’s not doing so well in comparison to Facebook, either.  Remember AOL and the revival that was/is supposed to take place due to former Googler Tim Armstrong’s leadership?  Well, eMarketer thinks AOL will see just $890 million in U.S. ad revenues this year, which is pretty close to Facebook’s $835 million.

That puts Facebook in an impressive position, considering that the company doesn’t even seem to be trying hard to attract advertisers at this point.  We’re all familiar enough with its growth rate to know users aren’t exactly jumping ship, either.

Meanwhile, these stats make it look even more unlikely that Google will be able to create a successful social product.  After all, failures like Google Lively and Google Wave have shown that it has trouble appealing to consumers; now it appears Facebook can imitate Google’s renowned ability to appeal to advertisers.

eMarketer senior analyst Debra Aho Williamson concluded, "Brand advertisers are making Facebook a core buy.  Ad spending is building quickly and the mass audience is one that marketers cannot ignore any longer."