Will the madness ever end? MediaPost reports that mobile video provider mywaves launched a new version of its free service, with a heavy emphasis on social networking features. The new options will let users set up profile pages, share video recommendations with friends, and post lists of favorites.

The new package of social networking services aims to provide deeper engagement for the 4.5 million unique monthly visitors the mywaves mobile site attracts, according to the report:

"The Silicon Valley startup offers ad-supported professional and user-generated video through a Java-based platform that operates across multiple carrier networks. It offers more than 300,000 video channels--including user-created ones--to mobile users in 175 countries."

This follows an earlier announcement from mywaves about mobile video distribution deals they had signed with Nokia and Columbia Records.

Mywaves Launches Package Of Social Networking Services [MediaPost]