By Taylor Pratt
Why did Twitter turn down Facebook? For the last month, talks between the two social giants had been going on. Facebook ultimately made an offer of $500 million (in mostly stock options) to purchase Twitter. Seems like a fair offer considering Twitter has failed to monetize its microblogging platform. According to Twitter CEO Evan Williams, however, the deal didn’t make sense.
We explored it, as we should. We took it seriously. It definitely made sense—the strategy we talked about with them—but it wasn’t the right time.
According to the New York Times, he still believes Twitter has too much left to do. Figuring out how to make money is the first priority.
Twitter has over 6 million users, despite its ups and downs, but has only been able to raise capital thus far. Originally, Twitter planned on putting off revenues until 2010, but since Evan Williams became CEO back in October—plans have changed.
We’re looking at Q1 revenues. The original plan was to focus on revenues in 2010. That’s no longer the case, since I don’t want to raise money in 2009.
And forget raising money only through ads and sponsorships. According to CNET, Twitter wants revenues that are product-based.
Williams said, “Google built something that can really scale, and that’s our intention as well.”
Williams also revealed plans for expansion. He says that the top feature requested on Twitter is grouping. By “grouping” he means the ability to segment your Twitter friends into sub-networks that you’ll be able to send specific tweets to.
2009 will most certainly be an interesting year for Twitter.
Taylor Pratt is a Search Marketing Specialist at nFusion, a results focused marketing agency.