Is Twitter a billion-dollar company? It is now, according to its investors. People familiar with the company tell me it has raised around $50 million in a funding round that values the start-up, which has no real revenue to speak of, at about $1 billion.
The promise of “virtual goods”–pretend things you buy with real money in cyberspace–has lured entrepreneurs and venture capitalists for years. Same goes for mobile payments–using your iPhone instead of your Amex to buy stuff. But what if you combined the two? You’d have a market that barely exists yet is worth fighting over. At least that’s what Zong and Boku are doing.
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider. Read more »
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