Speaking at the Westminster Media Forum yesterday, Sky Media's head of business development Paul Wright said: "We see it [launch of the site] as an opportunity to turn our consumers into reporters."
However he gave few other details on the form the site might take or how the public may contribute to it.
He later told Journalism.co.uk that the site is yet to be named and will be launching 'soon'.
Asked if it will have a creative or news-based focus, Mr Wright said it could be a 'combination of those things'. However, he added that the site would not follow either the MySpace or Bebo social network formulas - thus offering the possibility of something wholly unique.
"It's a social networking site with video opportunities for consumers," he said. "I can't say much more until it launches, but it will focus on getting users to interact with the station."
In December, Sky and Google announced plans to work together on a web-based video service for the satellite broadcaster's broadband internet customers.
Sky said it would launch a multi-platform, user-generated video portal powered by Google video that allows users to edit, upload and share their own video content.
Google also agreed to provide search and targeted search advertising, email, messenger and VoIP telephony.