Twitter’s revenues will triple this year according to the most recent projections, jumping from $45 million last year to $140 million, according to eMarketer, a digital research firm. The microblogging company began selling advertising space last year, but expanded its offerings this year with promoted tweets, trends, and accounts.
The company is expecting to see a spike in advertising surrounding the election season, and has gone so far as to open a Washington, D.C. sales office. Twitter CEO Dick Costolo has said recently that his company, which didn’t have a business model two years ago, now sees “great engagement rates” from tweeters.
“Marketers have seen solid engagement rates with Twitter advertising – in some cases better than those on Facebook – despite Twitter’s relatively smaller audience,” eMarketer principal analyst Debra Aho Williamson told reporters.
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