The name Pheed may be less than inspiring, but the concept behind this new social media site is a little more intriguing, especially to those of us bored with Facebook and unimpressed by Twitter. I’m not saying I am, per se, but some of you might be!

While most other sites look at a single idea and a niche, such as 140 character messages or photos on Instagram, Pheed attempts to bring together the most appealing elements of each for one big, comprehensive package.

Essentially, the Pheed social network is one massive ‘pheed’ of information containing trending topics, an alternative version of the Timeline, photos, and other data with a couple of extra twists thrown in to add some identity. Here are some advantages and disadvantages of this new social network:

Easy to Join

Moving away from the initial concept and the design, an advantage of Pheed is that it is easy to join. The premium, paid service may be the one the creators want you to use but there is also a free service that you can sign up for using either your email or Facebook account.

New Tools

Pheed possesses some additional tools that Facebook and Twitter cannot offer. Voice clips, live broadcasting, and audio clips are all handy tools provided with the aim of enhancing the fiscal value of this site.

Monetary Value

There is an angle to Pheed that other social networking sites have yet to take and that is the opportunity to make a little money on the side. Pheed is offering the unique chance to add subscription fees and pay-per-view items to personal feeds, something Facebook fan pages have not tried before.

Is it Enough?

When it comes to the disadvantages of the site, the first question is whether Pheed offers enough. The monetary factor may be the hook, but is this new site really offering enough to tempt people to spend less time on other social networks they’re emotionally vested in?

In the Toddler Stages

Another disadvantage to the site is that it is really new. This site is still a baby taking its first tentative steps, and there is no way of knowing whether it will be a success or not.

There is a good chance that people will willingly buy into it thinking it will be the next Facebook and a platform to bigger things and bigger bank balances; however, the truth is that this site could crash and burn rather quickly. And most people are siding with the latter.

It is difficult to come to a conclusion of how Pheed will play out. There are a lot of potential advantages to this new concept, and some interesting hooks that give it some identity, but there are also a few doubts over its true potential and future success.

Signing up to a premium service and membership at this point may not be worth it but there is no harm in a free trial. Only time will tell us whether the Pheed social network is set to follow in the footsteps of Facebook or fade away like Myspace.