Facebook for Kids? | Twitter Heading Toward $1B in Revenue | Instagram Competitor Closes

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Facebook Explores Giving Kids Access (The Wall Street Journal)
Facebook is developing technology that would allow children younger than 13 years old to use the social-networking site under parental supervision, a step that could help the company tap a new pool of users for revenue but also inflame privacy concerns. ars technica Speaking of privacy, Facebook has opened voting on changes to its Data Use Policy and Statement of Rights and Responsibilities, which include some proposed modifications by the community as of June 1, largely a result of rallying activity by our-policy.org. In the spirit of democracy, at least 30 percent of Facebook’s user base, just over 270 million people, must participate in the vote in order for the changes to be binding in either direction. PC Magazine But Facebook is not exactly putting this information front and center on the site itself: No notifications when a user logs in, no posts to every user’s wall and nary a mention of the policy vote on Facebook’s official blog. Computerworld Facebook has released a library of C++ software components used to help run its site, the social networking company announced Saturday. By releasing this library, called Folly, Facebook will be able to release more of its internal programs as open source, because it relies on different components in this library. San Francisco Chronicle At least 13 IPOs have been withdrawn or postponed globally since Facebook began trading May 18, slowing a market for deals that’s struggled to keep momentum as stock values have failed to recover to levels before the financial crisis. There have been 192 IPOs globally since the beginning of April, putting this quarter on pace to be the slowest since 177 initial offers were completed in the three months through September 2009.

Twitter Expected to Reach $1 Billion in Revenue by 2014 (GigaOM)
Twitter is set to reach $1 billion in sales by 2014, significantly outpacing analyst predictions and demonstrating the company’s advertising viability, sources tell Bloomberg. The company earned $139.5 million in 2011, analysts say, which means if Bloomberg’s sources are correct, demand for advertising is taking off among companies looking to grow their presence on the platform. Bloomberg Businessweek Even so, it will take Twitter longer to generate $1 billion than bigger competitors Facebook and Google. Google crossed the $1 billion threshold five years after its founding, while Facebook, which sold shares in an initial public offering last month, achieved that goal six years after it got started. AdAge Twitter is more important now than ever. Here’s what I think today: it’s a stronger platform for advertisers than Facebook will ever be. The New York Times The social networking company is always looking for ways to add new users. The company sent a senior executive on a mission: to bring more religious leaders into the Twitter fold. On average, verses in the King James version of the Bible are about 100 characters long, leaving room to slip in a #bible hashtag and still come in under the 140-character limit.

Nintendo Unveils Miiverse Social Network for New Wii (Reuters)
Japan’s Nintendo said it will launch a social and content network dubbed Miiverse for its new Wii U games console, as it plays catch-up with rivals such as Sony and hopes an online strategy will bolster hardware sales in an industry under fire from smartphones and tablets. The online strategy, unveiled in a webcast by Nintendo President Satoru Iwata, is similar to that of Sony and Apple though analysts raised concerns that Nintendo, the world’s leading game console maker, is late to online gaming and will have to work hard to gain ground.