Google (GOOG) announced today that it had acquired Metaweb, which indexes things or “entities” in the world.

In a video explaining what they do, Metaweb talks about how the internet is not just words and for search to be the most relevant, it should be able to determine the context of the search term.

Google is obviously trying to improve the relevancy if its search. Last year PC World authors even called Google’s approach to search “aging” and talked about the search giant’s strategic moves to revamp its algorithms using semantic search.

This may be the best time for Google to refocus on its core product and make it better. Bing is already slowly chipping away at Google’s huge piece of the search engine pie. Could this be what Google needs to maintain its stranglehold on the industry?