Yahoo, which is already not doing very well in the tech market, has finally taken the first step towards improving its situation. The giant has directly challenged the current favorite of netizens – Twitter and launched a microblogging platform called Yahoo Meme.

Yahoo had previously launched a Portuguese language micro-blogging product, Yahoo Meme, which was obviously similar to Twitter and Tumblr. Yahoo Meme is currently in an invite-only mode. Once the account is created after receiving invitation, users get a blank blog for micro-sharing text, images, music, videos or mash up of all these things.

Registration is quite simple. You will get a Meme URL based on Username like http://meme.yahoo.com/Username. It is similar to Twitter and Facebook Username URLs.

The setting panel of Meme has very less options like Meme title, 100 character Description, avatar/photo and notifications. Meme also offers page layout customization with Themes. On the Meme page, users can post text, photos, videos and all together for sharing with other users. Just like Twitter and Tumblr users do, Meme users can search for other users using the Find option on the top of the page and Follow them to receive their Meme updates.

Meme users can also have threaded conversations in the comment section under every Meme post. Users can even repost the Memes just like re-tweet in Twitter. Meme also has a popular section that shows popular Meme’s posted by users.

Yahoo Meme has less features as compared to other micro-blogging site, but I think they will roll-on new features soon. Do you think this time Yahoo has taken a correct step by launching a Twitter lookalike service? Please comment below and let us know what you think about Yahoo Meme.