I am not in charge over at Twitter and perhaps after this post we will know why. I was catching up on reading about news on Techmeme this evening and saw that Twitter was raising more capital. I had the same reaction to this as did Ashkan Karbasfrooshan with his take on the similarities to Facebook.
I cannot seem to grasp why Twitter is not yet making money or having some sort of package for monetizing its business. I had a conversation on Twitter with Cory O’ Brien about our thoughts and both of us had the same confusion. Why is Twitter raising funds when the money is right there in their back pocket.
I am speaking of the possibilities of funding their own growth. They have great opportunities staring them in the face yet they seem uneasy to pull the trigger. I have to admit I am considered a big fan of Twitter and I am a bit jaded, but I think I am not alone when I say, I would pay a premium for the service. I am probably more of a power user than your average person and paying for this service to some may seem ludicrous. Guy Kawasaki said it is integral in his own business, and said he would pay a large amount just for the privilege to keep using. I am not sure of what a “pro account” would entail, but where do I sign?
Now I do understand that Pownce had this feature, and it is a company of the past since being acquired by Six Apart, but I would be curious about the people that had signed up for its premium account. It was a Twitter clone and did not have near the saturation that is being afforded Twitter (yes I recognize the estimated 5 million users is a small percentage of the Facebook users) but I think that those numbers would be interested to apply here.
Cory and I ran a sketch of the numbers and made some assumptions and came up with a way for them to earn $20M a year just by charging $1 a month for a premium account. If I can figure out a way to do that, imagine what the smart people could do with a little effort. I know that by harvesting some of the low hanging fruit now, they could make the big score later.
[photo via jenn_jenn]
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