Google boss Eric Schmidt has admitted that the biggest mistake he made was not seeing social networking coming. Schmidt said that it was not a mistake he was going to make again.

“In our defense, we were working on many other things, but we should have been in that area and I take responsibility for that," Schmidt said.

He is now predicting a continued explosion in mobile usage because now the The biggest change for consumers is that everyone is going to have a smartphone.

"The fact that so many people are connected to a super computer means, essentially, a whole new generation of applications around entertainment, communication, socializing," Schmidt said.

The interview can be seen after the break.