Twitter has overtaken MySpace to become the third largest social networking site in the world, according to new comScore data. In August Twitter had nearly 96m unique visitors, up 76% from last year, while MySpace dropped 17% with 95m unique visitors. One more nail in MySpace’s coffin. The timing is critical, ahead of the official Myspace relaunch on October 15th. Facebook dwarfed both social networks, as well as second placed Microsoft’s Live Profile – which integrates Microsoft’s email and other services – with a 54% increase to 598m unique visitors. Twitter says that nearly 370,000 new user accounts are created every day. Yesterday Twitter also officially unveiled its new ‘Promoted Accounts’ initiative. Advertisers will pay Twitter to automatically suggest to users with appropriate interests that they follow the advertisers. Costs are unclear, but in comparison, the Wall Street Journal reports that Twitter ‘is selling promoted tweets for upwards of $100,000’. Twitter is also abandoning its @earlybird initiative – an account that users could follow to get daily deals from advertisers.

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