Three major players in the Social Media space – Twitter, Last.fm and Facebook – have announced plans to monetize a portion of their services in an attempt to make up for lagging ad revenues.

Twitter, the micro-blogging site that is currently free for all users, is in the process of building subscription-based commercial accounts for businesses and power users seeking greater functionality. Though these add-on services have yet to be decided on, many suspect that we should be seeing better analytical and tracking tools, enabling interested users to extract information about who is reading their feed and what is being said about them elsewhere in the Twitter environment.

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