Do you remember the first time you used twitter?
Well, its foundation dates long back. In fact, it was in 2006 when Jack Dorsey, Evan Williams, Biz Stone and Noah Glass launched it for the first time. Since then, the 140-short character message social networking site has revamped digital space. Now it has a whopping number of 302 million active users with 3,900 employees all over the world.
Today, everyone tweets. Be it PM Narendra Modi, President Obama or even the Pope. In a nutshell, just about any celebrity you can name. And still, there’s a lot more room for growth.
So, what made twitter shot into limelight?
Was it the first pictures of the Asiana crash in San Francisco in 2013 or the entire Arab Spring mobilized through social media, eventually calling it a ‘Twitter revolution’?
But that’s not enough with Founder Jack Dorsey blatantly saying that ‘We want to reach every single person on the planet.”
But first it is important to understand what Twitter actually is.
- Product and Concept: Firstly, it is a concept that connects people, all round the world, in real time. In fact, it has now become such an important part of our lives that it’s impossible to imagine our existence without it. Secondly, it is also a product that lives up to this very concept. Though, currently, it is struggling in convincing the global market that its business model is sustainable and also it continues to be a usable product.
- Recent Additions: Twitter has introduced low-hanging fruits like tweet translation, direct messages, group messaging features, native videos and other accessories to glam it up. The new users are finding the better and improvised versions of homepage more welcoming than ever. Peter Stabler of Wells Fargo Securities, an investment bank, correctly points out, ‘Twitter has received more free promotion than any company in the history of capitalism.’
- Competition: Well, here is where twitter currently lacks, no matter how lofty the plans of CEO Dick Costolo (initially an improvisational comedian) might be. Twitter lags in precise data collection and digital advertising. Even now advertisers are able to reach out to firms and users only based on what they tweet and follow about, distinguishably limiting its potential.
- Future Possibility: Recently, Twitter did acquire Mopub, a mobile-advertising exchange and is currently looking out for more experimentation. Now, twitter can place ads in real-time in other firms’ apps. It also introduced, ‘Fabric’, making it easier for other app developers to integrate Twitter content.
As far as the trend shows, Twitter needs to look at more video advertising as well as introduction of attractive e-commerce service, somewhat similar to what Facebook currently does. But at the same time, there are speculations that Twitter itself might be bought?
But till then, who knows?