Twitter is grabbing more new customers53% of Twitter users have been a member for lessthan a year, compared to just 19% for Facebook. This fresher base could prove an advantage to Twitter moving forward.
THE ENTREPRENEURS AT TWITTER:BUILDING A BRAND, A SOCIAL TOOL OR A TECH POWERHOUSE Jagan Tanikella & R.Aishwaryaa
Twitter is a micro blogging service thatallows subscribers to send ―tweets‖ of 140 characters or less to their ―followers‖
• One of the hottest technology companies since Google and Facebook• Cited as being an influential factor in socio-political events• About half of Twitter’s user base came from the United States• The service has attained its current level of popularity based on referrals, extensive and free media coverage, and the fact that it employed an open source platform, which encouraged the development of third-party applications by others
The major problems focused in the case study (2009-10)• Twitter’s user numbers has fallen rapidly• The company should eventually adopt a money making business model in the long run
The Key insight was that userswould not need to enter the addressof each recipient separately, everysingle time a message was to besent.
Why the name “TWITTER” was chosenThe definition was ―A short burst of inconsequential information‖ and ―chirp from birds‖
How Twitter works• It is essentially a broadcasting system that allows users to transmit short bursts of information to lots of strangers as well as to friends.• It is built a web interface created using an ―open source web application framework‖ called Ruby on Rails and using Startling as the primary message queue server.• It is not a proprietary technology, as it offers the option of integrating other web applications or web services with Twitter via an Application programing interface (API).
How twitter differed from otheronline chat forums and Facebook
• A person can interact with Twitter entirely from a mobile phone, but participating in a chat room usually requires sitting at a laptop or desktop computer.• Some online services charge for access to chat rooms. Meanwhile, the Twitter service doesnt charge users to send messages from their mobile phones or the Twitter website, or charge users to read other peoples messages on the Twitter website or have those messages forwarded.• Chat rooms often have moderators and codes of conduct. You can be kicked out of a chat room, but you cannot be blocked from using Twitter under ordinary circumstances.
• Easy to make new contacts and extend your social circle beyond your friends.• Simple, uncomplicated user interface.• Highly interactive. Allows you to communicate directly with your customers and address their comments or concerns.• Posts, or ―tweets,‖ enjoyed by your followers are often rebroadcast as re-tweets.• You can search all posts on Twitter for key words relevant to your business.• Twitter users are usually open to making connections with people they don’t know.
• Twitter is expected to see $259.9 million in revenue in 2012, up from $139.5 in 2011.• Over the next couple of years, the company’s revenue is forecast to reach $399.5 million in 2013 and $540 million by 2014.• Twitter has been identified as a possible candidate for an initial public offering by 2013.• Some investors in Twitter include Institutional Venture Partners, Benchmarks Capital, Union Square Ventures, Spark Capital, Digital Garage, Bezos expeditions, Insight Venture Partners, etc.
Apple Discussed Investing in Twitter• Twitter continues to mesh its short-messaging service into Apple products, which are responsible for a big chunk of Twitter use.• For its part, Apple has woven Twitter into devices such as the iPhone and, more recently, the Mac computer.
Potential Routes Discussed• ―Where you have audiences you will make money‖ -E commerce was an avenue the company could explore• ―We can give people stuff for free, but not forever‖ –licensing tweets to partners• Somehow Emulate Skype
• It was broken—literally• It was growing like crazy• It had no plan to make money• Waves of spammers and hijackers• New users couldn’t figure out how to use Twitter• Twitter didn’t know how to promote itself• Twitter did not have a rich media interface• It couldn’t prioritize search results in any way nor could it aggregate information for users