JOIN USFacebook founder and chief executive Mark Zuckerberg introduced the new application, Timeline.
It is intended to be a virtual magazine like a scrapbook of all the photographs, videos and updates of activities in a chronological order from present till the person's date of birth, according to Facebook's official webcast.
"We wanted to make Timeline a place that you could feel proud to call your home," Zuckerberg said in the annual F8 conference held in San Francisco Thursday.
Zuckerberg was addressing this conference of web-application developers.
A variety of lifestyle widgets like Nike +, Airbnb, Artfinder and StubHub, which can be used for sharing, eating and running habits were also mentioned. These appications would be an integrated feature in a particular profile's Timeline.
The real time ticker and subscribe tab will allow users faster ways to share information.
The new application is expected to give competition to microblogging website - Twitter.
An applications platform called "Open Graph" was also introduced. Users can use its various applications to share music, videos and news through media products from websites like Spotify, Netflix, Rdio and MOG.
“People can discover more content,” Zuckerberg said, adding the applications would “transform” the media industry.
The new applications would only start in the next couple of weeks.