Yes, Twitter is huge. Yes, in the case of the Iran election, it has changed history. Yes it’s close to icon status. But it has yet to turn a profit. That should all end soon according to Bloomberg.com:
Twitter plans to start the ad business in early 2010, Chief Operating Officer Dick Costolo said today at a conference in San Francisco. The current revenue comes from companies paying to use Twitter’s data, such as Microsoft Corp. displaying Twitter updates in its search results.
Twitter — a free Web service that lets people post 140-character messages, or tweets — is starting to concentrate more on revenue. Since it was founded in 2006, the company has mainly focused on attracting users and improving its product. Twitter, which has more than 58 million users, has raised about $155 million in venture capital, Costolo said.
For perspective, News Corp bought MySpace in 2005 for $580 million. Yes this Internet thing could not just be a salvage yard for newspapers. There’s money and stuff there.
Via I Want Media