The fierce rivals have come together to provide more intense competition for Facebook which, although smaller than MySpace, has captured a lot of attention for its latest move.
In May, Facebook opened up its platform to developers, allowing them to create applications and exploit them through advertising and e-commerce.
Experts say it is a significant move for marketers with their own applications, which they will be able to build for Facebook, and for a sizable amount of the web's social traffic.
Marc Andreessen, the co-founder of Ning, which allows clients to create their own social networking sites, said it would offer access to a huge new pool of users.