Bloggers are reporting that Google and Yahoo are working on new social networks now that their existing services (Orkut and 360, respectively) have failed to gain traction, except in Brazil in Orkut's case.

Google has teamed up with Carnegie Mellon University's Human-Computer Interaction Institute on a project called SocialStream. Google is not simply content to copy the standard social networking formula, but instead wants to add a mixture of innovation and interoperability between all their services.

Here is a Video of Socialstream :

Yahoo, on the other hand, is said to be working on a new service. It is being called as "Mosh". Few details are known about the project .

Microsoft, for its part, has talked about a couple of strategies, including making Windows Live Messenger more social network-like as well as creating some kind of meta-social network where people could centralize multiple existing networks.

The world doesn't need a Google or Yahoo-branded MySpace or Facebook . We need something new. Everyday more and more people are developing apps on Facebook's platform and it will be hard to convince both them and the users of Facebook and MySpace to make the switch to a Google or Yahoo social network. It would be wise for Google and Yahoo to get their projects off the ground soon.