The plan is to allow its hundreds of millions of users to enjoy the old services such as Web mail, instant messaging and calendar but also include new features which contribute to the social experience, features made popular by social networks such as MySpace and Facebook.

"It is rewiring Yahoo from the inside out, across all of our properties, to fundamentally open up those Web services and provide a consistent development model, a consistent deployment and consumer experience as well," concluded Ari Balogh.

Yahoo also attempted to break into the Internet social scene by launching in 2005 a network called “Yahoo 360.” Unfortunately the application was recently closed due to a rather small impact in the media.

The new strategy is expected to be completed by the end of the year and an official launch date will be presented in the weeks to come. The move is believed to also raise the bar for the other major players such as Google, Microsoft, MySpace and Facebook.