Summary:

San Jose, Calif.-based PlayPhone was one of the early entrants to the cellphone industry, riding high on selling ringtones and other mobile…

San Jose, Calif.-based PlayPhone was one of the early entrants to the cellphone industry, riding high on selling ringtones and other mobile content. The company has raised $50 million in venture capital and helped big brand names, like Walmart, Disney (NYSE: DIS) and NBC (NYSE: GE), manage online portals selling the same.

Now it’s left scrambling to replace declining revenues as mobile content becomes less popular on smartphones. Today, PlayPhone is unveiling what it believes can keep the company in the game.

It is officially unveiling PlayPhone Social, a new mobile cross-platform social networking platform that game developers can use to build communities and sell virtual goods on mobile phones.

As part of its launch it is announcing its first customer: Liveware Worldwide. The game-maker is using PlayPhone’s platform to launch games based on popular brand Harvest Moon franchise, which has sold well on other gaming platforms, including the Nintendo Wii and DS. In an interview, Ron Czerny, PlayPhone’s CEO said: “We were looking for something to change the company

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