Watch CBSN Live

Twitter Co-Founder Biz Stone: We Have 160 Million Users and a Plan to Make Money

SAN FRANCISCO (CBS) I'm writing this post from Twitter's first official Chirp Conference, which claims to bring together technologists, reporters and developers who have used the open platform to launch their own successful businesses.

For instance, two years ago, Laura Fitton, known to her over 53,000 followers as @Pistachio, was just a full-time mom of two. After attending her first Tweetup, she was instantly intrigued.

She herself starting tweeting and, using her 15-year background in communications, also started consulting about Twitter. That led to writing articles, speaking and even publishing a book.

Last year, she created the site ONEFORTY.COM, which showcases the top Twitter tools and apps available, from the latest for the iPad to Twitpic, a picture sharing service.

Fitton was just one of the 900 attendees yesterday who came to Chirp to meet the founders, Biz Stone and Evan Williams, face to face and be the first to hear what's new with the world's most buzzed about brand. I spoke to Biz about all the new announcements and what their future holds:

On Google Replay: You can "go back in time, say to the day Obama was inaugurated, and see all the tweets that were happening at that particular time and what people were saying about it. So you could imagine going forward into the future and how interesting that would be to replay that public sentiment that was going on at the time of the past."

On The Library of Congress: "It's a research only arrangement. It's every tweet from the beginning of Twitter to forever and not every tweet is going to win a Nobel prize, but I think there's a lot of foresight here with The Library of Congress, because they're betting that the tweets are representing public sentiment every minute of every day, of every month, of every year going forward.

On Promoted Tweets: "When organizations start running promoted tweets users will see one tweet at the top of their tweets that clearly labels a promoted tweet. We invented something new called resonance, and the idea is that we take into consideration many ways that people interact with tweets. They re-tweet, they @ reply them. If people interact with that tweet enough, we'll determine that that tweet has high resonance, which means it's interesting to a lot of users. So if a promoted tweet isn't interesting and not resonating with users, it disappears."

A big reveal that many have been waiting for from the horse's mouth, was also how many people are actually using the service. Stone claims the site now has around 106 million registered users, increasing by 300,000 new users per day, posting 55 million new tweets every 24 hours. Even Stone's mom is tweeting, he says.

And despite the huge supply of tweeters, Stone stays even more people are reading them.

"There's a lot more people actually using it as a consumption tool," he said, "something to get information, than they are actually tweeting."

So when will all those other folks get that Twitter isn't just a fad used for celebs to vent, brands to promote and techies to become veritable rock stars?

"I tell people to just search for something on Twitter, either the name of their company, product they care about and they're usually shocked to see what people are saying," Stone told me. "And then they're like how do I get involved in that conversation?"

As COO, Dick Costolo has said before- "hundreds of millions of people watch TV, but only .0001 percent produce TV shows."

View CBS News In