Kevin Rose, the founder of the highly popular social media Digg sent out a Tweet over the weekend eluding to a new Google project that is in the works. The Tweet was:

Ok, umm, huge rumor: Google to launch facebook competitor very soon “Google Me”, very credible source

Currently, Facebook, which claims a user base of 400 million strong, is undoubtedly one of the largest social networking sites on the net and like Twitter, has become a viable alternative to search engines as a source of real time information. Obviously, Google would like a slice of this pie and it sounds like Google Me could be there answer to Facebook.

Google has not publicly commented on this rumor thus far, but it’s well known that the search engine giant is continuously innovating, releasing new features and products that they feel will be a benefit to both users and themselves. Some of these products such as Google Buzz and Google Wave have had trouble carving out a niche for themselves because of privacy issues and lack of customer understanding respectively. Others however, such as Google Voice and Google Talk have very well.

Although this is purely speculation, the SFWeekly suspects that Google Me will consist of an expansion of the Google Profiles service with an incorporation of livestreams and communication so as to challenge Facebook better.

What are your thoughts? Do you feel we need another Facebook service?

Via: Gaj It, GadgetVenue