The impact of social media for internet-based companies has been discussed during an industry event, partnered by the Internet Advertising Bureau (IAB).

Media140, which was held in central London, brought together some of the sector’s biggest brands and agencies to assess the potential that Twitter and other real-time social media has to offer.

A panel, chaired by the IAB’s marketing director Kieron Matthews, entitled Can 140 Characters Change Your Brand? saw advertisers discuss Twitter, with Robin Grant suggesting that social media is online PR only in the sense of "ongoing discourse", without the modern meaning of "spamming journalists with press releases".

Panellist Nuria Garrido further commented that social media can give those involved in online marketing services potential for revenue, but companies need to ascertain what is important to them.

And Scott Seabourn remarked: "Twitter is like word-of-mouth on crack."

Earlier this month, comScore released data revealing that internet advertisers are increasingly turning to social networking sites to reach consumers, with 13.8 billion ad impressions registering on these pages in August.

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