Could The New Google ME be a Competitor to Facebook?

Eric Schmidt confirmed that the new Social Networking product Google ME is going to be available this fall. The product will feature “a social layer” into online search, video and Google Maps. He further said that the company will integrate social networking elements to its services. One of the speculation is that all will be combined — Orkut, Buzz and Profiles — into a super social network called “Google Me”. The other rumor says just Google Profiles will be revamped into a Facebook-like service.

The speculation became more evident in August when Google bought Angstro, a company that organizes news for social networks, and hired its co-founder Rohit Khare. A few weeks earlier, Google paid $182 million to buy Internet  startup, Slide Inc.which was very successful to build applications for Facebook. Google also hired Max Levchin, Slide’s chief executive and a co-founder of PayPal Inc., to lead its social media venture.

Google has a difficult time to figure out the right type of social networking services that have become increasingly hot online. The company declared the death of Wave this year, a high-profile online communications tool launched last year. The other social networking product, Orkut has failed to catch up outside of Brazil and India.