Can Social Networking substitute for Trade Associations?

In the early 90s, when I moved to Seattle, I was impressed that there were two trade associations very active in my field, media production. I was very active in both. But the dotcom boom etc sucked a lot of interest away from them, and they were kaput by the early 2000s.

I really feel the lack of connection and community they created, yet I wonder if they're really relevant anymore, at least for this area. I've been thinking instead that what hurt them was the huge time commintment they required out of a very few people, when what most people used them for was business networking and just getting out of the edit bay to see their friends and talk shop.

I've thought that what might be more effective is just regular meet and greets and soirees what have you, and not worry about starting up a new chapter of a national org.

Thoughts?