Twitter funding signals potential for social media

16:15 1st October 2009

Social networking website Twitter has secured a new round of funding, as more experts believe the sector could provide an important revenue stream for the IT industry in the future.

People currently taking IT training courses may be interested in the growing success of social networking sites, as an increasing number of businesses are looking to use the technology to their advantage as part of customer relationship management solutions.

This development suggests the IT industry could see significant revenue being generated by social networking in the future and those people with the skills to make the most of social media will be in high demand.

Tim Gibbon, co-founder of the Social Media Portal, explained: "Future technologies and how they may change what we do may be of great importance to an individual who is looking to future-proof their investments."

Evan Williams, Twitter co-founder, revealed on the organisation's blog recently that the social networking site had secured funds from a group of investors comprising Insight Venture Partners, T Rowe Price, Institutional Venture Partners, Spark Capital, Benchmark Capital and Morgan Stanley.

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