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Friendster has announced (pdf file) an exclusive search and ad deal with Google. Its a win for Google (they bagged another social network after MySpace) , a win for Friendster (getting in bed with Google who could generate more money for them) and a loss for Yahoo (showed the door, so much for the hype surrounding Panama’s launch). Friendster has already integrated the text and display advertising components of the deal. The Google search box would be integrated by the mid of 2007.

The real question remains answered: How can you make the once hot celeb (Friendster) hip again in the face of competition from the likes of MySpace, facebook, Bebo and so on.