SAN FRANCISCO (MarketWatch) — Google Inc.’s launch of “Google Buzz” is the company’s latest attempt to catch up with Facebook and Twitter after one big fail in social networking.

Remember Orkut? The social network was launched with much fanfare by Google in 2004. You had to be invited to use it, the same approach it later followed with the launch of Gmail. It generated hype and “buzz.” Now, Orkut is mostly popular in Brasil and India but ranks nowhere near the 350 million active users on Facebook.

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