June 21 (Bloomberg) -- Twitter Inc. Chief Executive Officer Dick Costolo said the short-messaging service will start offering its promoted advertising product in 50 new markets this year as it reduces its reliance on the U.S.
Twitter’s ads, which encourage users to subscribe to a company’s feed by recommending its postings, or “tweets,” to users, will be made available in additional markets in Latin America, including Brazil, and Western Europe, Adam Bain, the company’s revenue chief, said today in a press conference in Cannes, France. A full list of countries wasn’t immediately available.
Twitter, based in San Francisco, is predicting $1 billion in advertising revenue by 2014, two people familiar with the forecast said this month. The free-to-use service, which Costolo said today is growing “delightfully well,” unveiled its first ad offering in 2010, and recently expanded to mobile ads.
“The growth we’re seeing on the platform is interestingly still broad-based and global, still growing quite fast,” Costolo said at the Cannes Lions advertising festival.
Google Inc. crossed the $1 billion threshold five years after its founding, while Facebook Inc., which sold shares in an initial public offering last month, achieved that goal six years after it got started. Founded in 2006, Twitter will be eight years old in 2014.
Jack Dorsey, Twitter chairman and co-founder, said today that the company will be patient when it comes to raising cash or selling shares to investors. The closely held company “has always put itself in a position where we can choose when we are ready” to have an IPO, he said.
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