Twitter to Receive Funding
Social networking site of the moment, Twitter, is set to receive a massive $35 million (£24.5 million) in fresh funding after agreeing a deal with Benchmark Capital and Institutional Venture Partners.
With Twitter's popularity increasing by the day due to celebrity users such as Stephen Fry, Chris Moyles, Jonathan Ross and Russell Brand, it was decided that the deal should be struck in order to make the brand even stronger.
This massive slice of fresh funding will surely only help to boost the Twitter name to even greater heights, and if recent figures from the US are to be believed then it could easily rival sites such as Facebook and MySpace.
These figures suggested that 1 in 10 Internet users and 1 in 5 18-34 year olds are currently regularly using the website. However, on the other side of the coin sites such as Friend Reunited are suffering from a big decline.
City analysts stated that Friends Reunited is now only worth between £20 million and £40 million, which is a massive drop from the £175 million that ITV paid for the site only 3 years ago.
The main reason for this decline is that visitor figures over the past couple of years have plummeted from 5m to 1.7m in the UK.
So although Twitter may be tweeting loudly right now they might end up losing their voice in the next few years just like Friends Reunited.
For more information please contact the Jump 2 IT Media team on:
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