Let's see what's new in social media this week:
- Twitter is expected to earn $150 million in ad revenues this year, a huge increase over revenues of $45 million during 2010.
- Facebook is giving brands a new way to collect 'likes.'? 'Sponsored Stories'? will give brand-related action such as a 'like'? or a check-in a lot more visibility on Facebook by adding them to an ad unit in addition to users' news feeds.
- Grubwithus, a new social network, is hoping to break the mold with their service. They offer price-fixed meals at vetted restaurants with the intention of bringing together singles and couples who want to meet new people in the neighborhoods
- Twitter users are now spending 2 hours and 12 minutes per month on the website, which is up from the 1 hour and 51 minutes last year.
- Twitter has brought in a new feature called 'Connections,'? getting rid of their 'You Both Follow'? feature.