The Korean Times' sources (via The Verge) claim that the service will be accessible via the company's smart TVs and cameras, as well as tablets and smartphones.
Codenamed Samsung Facebook, the network will allegedly tie in with the firm's existing social app Family Story and sync with Amazon's cloud services.
An inside source told the newspaper: "By the end of the year, we will have a polished and finished version of Family Story that will be offered first to Samsung device users for free. The new service will become available in the first quarter of next year at the earliest.
"The eventual goal is to expand our social media service across different devices from different companies across different mobile platforms. That includes cameras, televisions and blu-ray players."
He added: "We are confident that the service will be popular globally. That means we need to guard against the possibilities of a data bottleneck. That's why we want a server-based computing structure and disperse with a network of servers across different countries."
Samsung is said to have been inspired to enter the sector following the success of its cross-platform ChatOn service.