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Twitter looks at revenue-generating products

Twitter looks at revenue-generating products

Twitter is to start creating products that will bring it more revenue, after securing $35m (£24m) in funding from US venture capital firms Benchmark and Institutional Venture Partners last week.

The micro-blogging site said in a blog post that it had not actively sought the funds, but that investors were attracted to the firm because of its strong growth.

Twitter users have increased by 900 per cent in the past year. However, although Twitter is growing at a phenomenal rate, the site has had trouble monetising its web traffic and there has been plenty of debate surrounding its revenue model.

Twitter said that the new funding, which reports argue will increase its valuation to $250m (£175m), will allow the company to start building " revenue-generating products", although the site has not said what these might be.

On the sites blog, Biz Stone, co-founder of Twitter, said, "Our relatively small team of 29 employees has accomplished quite a bit lately, but it's obvious that we have the world ahead of us.

"Twitter is making a real impact around the world as people, companies and organisations everywhere discover a powerful new way to communicate. With these new partnerships and this new funding, we are in a position to move more confidently toward our vision for a robust and successful Twitter."

Twitter's profile on the web has been rapidly increasing in recent months. The site gained international recognition when the plane that landed on the Hudson River last month was first captured on camera by a Twitter user and spread around the globe in seconds.

High profile individuals joining Twitter, such as US president Barack Obama and actor Stephen Fry, are also likely to have helped the site gain traffic.

More and more brands are turning to Twitter to promote goods and provide feedback on products, but it is difficult to determine who is legit. Burger King recently ran into a case of "brand jacking" with a fake Whopper Virgins account, and someone impersonating the Dalai Lama was escorted off Twitter only to be later reinstated with the mark "unofficial."

In general, Twitter has been slowly creeping its way into the mainstream with the help of big names like CNN news anchor Rick Sanchez, who chats with people live on his show, and some big time shout-outs at popular events like the 2009 Grammy Awards, which directed viewers to its Twitter coverage.

 

 

AJR
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