With all the new sites, applications, and tools, social media can be hard to keep up with. If you’re wondering when you’re going to find the time to catch up, don’t worry because we have the updates for you. In this video, Brent Csutoras of Brent Csutoras Inc. and Chris Bennett of 97th Floor, catch us up on the latest happenings related to social media.

Brent starts out by explaining a new Reddit feature that allows users to create a social site on their very own domain or subdomain. Chris adds that after larger sites embrace this idea, users can begin gearing content toward that site and not only on Reddit. As a result, you can provide more relevant content to a better-targeted audience and receive more traffic.

In other news, both Brent and Chris discuss how Digg, Reddit, StumbleUpon, and others, are starting to crack down on their communities. The reason is because so many social media sites are now required to generate profits and function as companies.

Digg is banning more people, Reddit is removing more content, and StumbleUpon is trying to limit the number of friends users acquire to authenticate a genuine relationship. All these efforts share the common goal of making each site a better business model.

Now for another topic involving Digg — is the site a thing of the past? Some rumors have indicated this, but both social media gurus disagree. They say that the majority of people complaining aren’t getting on the front page and aren’t doing anything to correct it. Chris and Brent both emphasize that there are other ways to leverage Digg besides making the front page. For instance, one other area to take advantage of is Digg’s Upcoming Page.

Lastly, Chris and Brent could not talk about social media without discussing Twitter. Brent says, “Twitter is on the verge of potentially becoming its own medium.” This whole idea of a real-time chat has taken the world by storm. People like Robert Scoble and Barack Obama have also helped promote it.

97th Floor recently announced an add-on to their tool, Social Media for Firefox, that works with Twitter. The tool allows users to go to any url that the user has been involved with on Twitter and actually see how many people have tweeted it and then show who they are. Chris says the tool includes shortened urls as well. The tool also applies to sites such as Digg, Sphinn, and Mixx.