Yesterday, Socialmedia.com CEO Seth Goldstein told a panel audience that Twitter would launch a new product in about a month. The news spread fast — onto our site and many others. Mathew Ingram at GigaOm piled on with a post about how the product would launch at SXSW.
Now Seth’s put up a post essentially asking for his words back. He writes:
Last November, Dick Costolo COO of Twitter said that they were working on a new ad product and that their ads would be great:
DC: We will have an advertising strategy. You will see that from us in the future. It will be fascinating, non-traditional, and people will love it.
MA: What’s new about it?
DC: We want to do something that’s organic, like the way it happened with Google. It will work with the tweets. People will love the ads when they see it.
MA: Talk more about the ads. Mixed in with the tweets?
DC: I didn’t say that but the message I want to send is that is that there is an advertising idea and it will come next year.
That was it.
It was a philosophical statement, not a product roadmap nor an economic model.
Yesterday on stage at the IAB I moderated a great panel with Tim Kendall of Facebook, Jed Nachman of Yelp and Anamitra Banerji. Despite the fact that Tim has helped create a billion dollar display and CPC business at Facebook, and Jed drives a sales force that regularly sells ads at $200 CPM and higher, the only thing that people seem to want to talk about today is the speculation about when and how Twitter will be launching their new ad product.
First off, I want to apologise to Dick, Anamitra and the rest of the team at Twitter for suggesting that I knew any more than I actually do. All I was referring to was the public statement from November and that based on that, a Twitter ad product was “imminent.” Anamitra has a deep understanding of ad product development going back to his work at Overture and then Yahoo! He shared a great slide at the IAB Annual Meeting about the correlation of Super Bowl game and ad – related tweets. It is unfortunate that our casual conversation about potential Twitter ad directions has been taken out of context to become “news” when there really isn’t any.
Correction: An earlier version of this post said Seth said the ad product would launch at SXSW. Mathew Ingram and GigaOm reported that news.