Social media makes money

And a lot of it. With promoted posts, new e-commerce plays, and other endeavors, Facebook and Twitter have found ways to make a pretty penny.

There's gold in them thar tweets. Here's a promoted tweet from Samsung. Screenshot by Jennifer Guevin/CNET

Sure, the Facebook IPO faceplant marred the idea that the world's biggest social network is worth anywhere near the $100 billion market valuation that bankers gave it out of the gate. But look beyond that massive miscalculation and you'll find plenty of evidence that 2012 was a breakthrough year for social media -- businesswise, that is.

Facebook's on track to post revenue of more than $5 billion for 2012 -- a growing portion of that coming from ads it serves to people doing their social networking from their phones . And it's amping up its commerce business, whereby you can give actual, through-the-mail gifts to friends via Facebook .

Then there's Twitter, long derided for its money-burning ways. Turns out promoted tweets are quite a business: eMarketer estimates that Twitter's revenue will jump more than 86 percent to almost $260 million this year, and some are projecting a billion in revenue by 2014. Now that's something to tweet about.

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