Yahoo! Inc might be pulling the plug on the “blogger” social networking service MyBlogLog.

ReadWriteWeb reports MyBlogLog will be closed down by Yahoo! in January 2010 (Next Month)
MyBlogLog is a social-network service for the bloggers that enables them to connect with other blog writers and readers visiting their sites. The website lists the profiles information of the writers as well as the blogs for the same.

MyBlogLog was a wildly innovative service that grew fast after launching in 2005. It was originally developed by Cloudspace, a Florida-based web applications development organization and was acquired in January 2007 by Yahoo! for around $10 million. There were over 45,000 blogs subscribed at the time.

Chris Yeh, Head of Yahoo! Developer Network (YDN) says, “Frankly, it’s no secret within Yahoo! that we’re actively discussing the future of MyBlogLog. However, it’s also true that we have not made any final decisions at this point. Is a shutdown on the table? Sure, that’s an option. But there are other options as well. We know this creates some uncertainty for current MyBlogLog users. While we aren’t quite ready to share more details, we promise to keep you posted.”

Yahoo! has shut it’s a variety of products in the past year, with the objective to cut-costs and be more focused on its “core” services. If MyBlogLog shuts down, I see a lot of MyBlogLog users being very upset. There are a lot of paid users and avid users of MyBlogLog.

Our blog (SEOFRIENDLY.COM) is on MyBlogLog and we get a fair amount of traffic from our listing with them. In my opinion, Yahoo! Inc. should stick with this project or at least transfer ownership to another company that could keep the site alive.