Mild panic has ensued on the web, with the announcement that Ning, the customisable social network, will cease its free service as of 4th May 2010.

The changes are being made to better serve the current 75% of traffic, which comes to Ning sites that have opted for the paid service. These users will now get the full focus of Ning, its development and improved services.

However, that leaves many people – or 25% of Ning’s traffic with nowhere to go (no paddle or canoe), with Ning at least. However, there are other options and Ning is offering to make any such transition as smooth as possible.

Fortunately, someone has already done their homework. The Free Technology for Teachers blog has a post on Alternatives to Ning, outlining the options for each network, illustrated with embedded introductory videos.

Libraries Interact’s Peta Hopkins also offers some suggestions at her blog InnOvate, of further alternatives – thinking a little outside the box.

She also raises the ever-present questions that hover over any free net service, of  risk versus value.

Which to me begs the question, with Ning opting to go the paid service route. Will other free service providers opt to go the same direction and shift their models to exclusively paid service only?

What do you think?