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Twitter finds a business model at last

Twitter is to announce long-awaited revenue-generating plans after months of speculation about how the microblogging site will begin to capitalise on its popularity.

Twitter is to announce long-awaited revenue-generating plans after months of speculation about how the microblogging site will begin to capitalise on its popularity.

Although Twitter has had exponential growth, it has been slow to find a business model to translate that into revenue.

According to comScore, Twitter.com had 22.3 million unique visitors in March, up from 524,000 a year ago.

Twitter now plans to introduce Promoted Tweets that will enable businesses to bid on keywords in much the same way as they do in Google's AdWords system.

Promoted Tweets will appear when Twitter users search for keywords that the advertisers have bought to link to their adverts, according to the New York Times.

Best Buy, Virgin America and Starbucks will be among the first companies to use Twitter's Promoted Tweets service.

Twitter plans to eventually show promoted posts in the stream of Twitter posts, based on how relevant they might be to a particular user.

The announcement comes a day ahead of Chirp, Twitter's inaugural developer conference scheduled to begin in San Francisco on Wednesday.

The conference is likely to focus on new opportunities in advertising following Twitter's announcement of Promoted Tweets and acquisition of the Tweetie iPhone client.

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