Twitter has gone from an obscure service that not too many knew about to one of the most popular social networking sites around the world. The service has improved slowly but surely from its early days, and it has implemented a few features that Twitterers asked for overtime. But the company has yet not decided how it wants to monetize its service. So it’s still deciding on the right business model. But you can be sure that Twitter Advertising will be available in the near future. It’s just the matter of time.

Third party companies have already tried to introduce advertising on Twitter. Featured Users is one of the services that let Twitteres to push their profile in front of people who take advantage of Featured Users’ applications around the web. You can buy impressions to push your Twitter profile and gain followers on Twitter. Twitter itself has been testing a few things here or there, though we haven’t seen ads being introduced on Twitter Interface.

Tweetmeme is another start-up company that is hoping to change the way we advertise online. The company has joined hands with Federated Media to allow people to retweet ads that they find fun or useful. Adtweets certainly has potential. It pushes advertisers to come up with more engaging ads and gets the community involved as well. Here is what the company had to say about this move:

The Adtweets are a way of putting pressure on advertisers to improve the standard of adverts, and give the audience a chance to decide, and essentially vote, on what they like… Produce a good advert that your audience likes, and you can easily tap into the viral nature of Twitter and the ‘retweet effect’, which will then dramatically increase your reach.

It’ll be interesting to see whether people actually tweet ads on Twitter. The community is very sensitive to spam and ads that don’t have the potential to go viral can be considered spam. So the bar is set very high for advertisers. Anyway you look at it, social media advertising will be on the rise for the foreseeable future. And the community will be there to judge your ads. So if you are thinking about throwing an ad out there for the sake of getting exposure, don’t do it on the social media.