Sony on Thursday finally released its next-gen social networking site for PlayStation users. PlayStation Home, which launches in beta today, lets users create their own 3D avatars in a virtual environment. The service will be free to all registered PlayStation Network users. "The idea behind Home is to create a virtual space for PS3 owners to meet up, talk and play games -- the easiest way to think of it is as a hybrid of Facebook, Second Life and the prettiest game lobby ever," said Tim Clark, editor in chief at Official PlayStation Magazine U.K.. "Given the experience is dependant …

EMarketer on Wednesday revised its social networking outlook to $1.2 billion from $1.4 billion, the second downward revision for the sector by the research company this year. Company execs said the decision to lower spending estimates was driven by the weakened economy and a particularly poor performance by MySpace, one of the giants of social networking. EMarketer's revenue projection for MySpace fell to $585 million from $755 million in May, while Facebook's revenue estimate also fell to $210 million from $265 million. Overall MySpace and Facebook account to 70% of social media spending. The research aggregator now expects social …

A new frontrunner has emerged in the race to succeed departing Yahoo CEO Jerry Yang: Arun Sarin, the former head of UK-based Vodafone, the world's largest mobile operator. According to The Financial Times, Yahoo has approached Sarin with "strong interest," although the former Vodafone chief has made no decision on whether to join the ailing Web giant, saying he was considering other offers as well. The report claims that at least one possibility would involve the position of chairman rather than CEO. Sarin stepped down from his post at Vodafone in July after five years with the telecom giant. He …

Google will soon take Chrome, the Web browser the search giant launched last summer, out of beta, vice president Marissa Mayer announced recently at Le Web 08. The move is significant, TechCrunch says, because Google already has a number of eager customers who can't offer the open source browser until it's out of beta. With Chrome, Google is essentially trying to redefine the browser around open standards. On Monday, the search giant rolled out a new open source software platform called Native Client, which GigaOm says moves Google "even closer to fulfilling the early promise of a 'web …

AOL this morning unveiled a makeover for Bebo, the social network purchased by the Time Warner company for $850 million earlier this year. The most prominent of the new features is the "social inbox," a "one-stop destination" which aggregates email accounts, site recommendations and social media feeds from across the Web. Beyond the new look and features, Kara Swisher says "a more radical series of announcements" is on the way from the U.K.-based company, which users can expect to be rolled out in the New Year. The latter series of changes have impressed Yahoo in particular, Swisher says, which continues …

Google on Tuesday announced a slew of significant additions to its Open Handset Alliance, BusinessWeek reports. Telecom giant Vodafone, equipment maker Ericsson and handset maker Sony Ericsson have all signed onto the consortium, which will develop mobile phone software for the Google mobile operating system, Android. Other additions included AKM Semiconductor, ARM, ASUSTek Computer, Atheros Communications, Borqs, Garmin International Inc., Huawei Technologies, Omron Software Co. Ltd, Softbank Mobile Corp., Teleca AB and Toshiba Corp. In all, Google added 14 new OHA members. What does this mean? BusinessWeek's Olga Kharif says the impressive additions indicate that, "sales of the first Android-based …

Apple's iPhone "is fast developing into a breakthrough product for mobile advertising," says BusinessWeek's Peter Burrows. With "a stellar display, a tremendous Web-surfing user base, and GPS-enabled apps" the iPhone holds much promise for advertisers and possibly, Apple. However, so far, Apple doesn't get a cut of ad revenues from advertisers, as it does on software sold through the App Store. It may one day change that, especially as new tools (like this new one from Google) enhance the iPhone's advertising capabilities. "At some point -- and it won't be soon -- I wouldn't be surprised to see …