Bloomberg on Twitter’s Profit Potential

Michael Bloomberg made a splash this week when he posted items on Twitter throughout the day on Tuesday, ostensibly himself.

Twitter is a wildly successful enterprise, but turning a profit isn’t been something the creators have figured out how to do yet. So, today, I asked Bloomberg, who founded a pretty successful media company of his own, if he had any suggestions for how Twitter can generate revenue.

After some laughter from my colleagues in the press corps, Bloomberg said, “I think that’s going to be the great challenge.”

“All of these new social networking–new ways of communicating–have yet to find a new business model that really works and they tend to be replaced by something else,” Bloomberg said.

Bloomberg said that Jack Dorsey, the co-founder of Twitter with whom he met earlier this week, has some ideas about how to generate revenue from the site. “Whether they’ll work or not, I don’t know.”

Bloomberg went on to say “We also get trapped into thinking that the world is coming to an end with old ways of communicating, and I’m still a believer in a lot of the old ways.” He also said, “Newspapers and magazines aren’t going to go away. The challenge for them is to stay relevant.”

Noted.

Bloomberg on Twitter’s Profit Potential