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S Foursquare Planning to OfferCheck-in Data to Target Ads onOther PlatformsLocation Data to Be Made Available to Ad Networks and ExchangesBy:John McDermottPublished: April 12, 201315share this pageFoursquare has started pitching digital agencies on a new ad product that would useFoursquare's location and behavioral data to contextualize ads on other platforms,executives familiar with the situation said.The ad product is still in development and will eventually allow advertisers to useFoursquare data to target ads purchased through ad exchanges or networks.When launched, it will mark Foursquare's first attempt to generate revenue outside itsapp.Dennis Crowley"We are always looking at ways that could make our data more useful for advertisers andpartners, while respecting the privacy of our user's information," Foursquare said in astatement. "We're really excited about our 2013 monetization roadmap, and will providemore details when the time comes." Currently, Foursquare's revenue streams includemoney earned from businesses buying promoted listings and specials advertised solelywithin the app. The company launched those programs in June 2012, a month after ithired Steven Rosenblatt -- the company's inaugural Chief Revenue Officer -- to helpmonetize the service.But those ad products netted the company just $2 million in revenue in 2012.The news comes amid heightened pressure on the four-year-old company to prove that itcan generate enough revenue to justify a valuation that was once reported to be as high as$760 million.On Wednesday, Foursquare released a new version of its app that aims to make localdiscovery (and not check-ins) its primary function.58