Ad revenues for online marketing services on Twitter could reach the $150 million (£94.86 million) this year, it has been claimed.

Research carried out by eMarketer showed that this could increase again in 2012 to around $250 million.

However, this growth depends on the service significantly expanding its user base, as currently only eight per cent of adults in the US engage with the social media platform, the report noted.

Prinicipal analyst at eMarketer Debra Aho Williamson also added that the site had a lot to do if it was to live up to the hype which as surrounded it.

"Twitter must work overtime to give its early advertisers a positive experience," she said.

While the revenue will still be far smaller than that of Facebook, it is expected that the site will bring in more dollars than MySpace by next year.

Recently, the Office of Fair Trading announced it is to investigate the practice of celebrities endorsing products through the medium without disclosing that they have been paid, the Guardian reported.

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