Reports say Twitter has reached multimillion dollar deal with ad-buying company

The Financial Times is reporting that Twitter has reached an advertising deal “worth hundreds of millions of dollars over a multiyear period” with Starcom MediaVest Group, a large ad-buying firm with clients including Procter & Gamble, Walmart, Microsoft and Coca-Cola.

Twitter’s deal means the company is officially moving into larger territory when it comes to advertising and turning the social media company into a serious platform for brands to spend their budgets. The report says the deal will give SMG’s clients access to special advertising slots and opportunities with Twitter.

The company has been improving its different ad products for businesses of all sizes, recently rolling out keyword advertising that allows companies to advertise around particular words that individuals tweet. A research firm recently estimated that Twitter will earn nearly $1 billion in advertising revenue in 2014, likely due to strong growth on mobile, making $528 million this year and $950 million in 2014.

Social media use around television and broadcast events has provided huge advertising opportunities for Twitter already, with the company forging media partnerships around TV and sports, like the NCAA March Madness tournament.