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A press release is a relic of the "print/newspaper age." I don't think Twitter would ever be able to replace a press release. Just like the book production...............despite the digital age! A press release would maintain its exclusivity as long as newspapers are there along with a company's wish to access targeted readership!
I am tor between my answer. It has in my industries that target millennials and teenagers.
Otherwise PR and Twitter go together. PR are transforming due to the advent of social networks.
Though 'Twitter' is an effective tool of communication (Especially to younger generation) it can never replace Print Medium of communication including press release.
Print medium is an mass communication irrespective of age, diversity, intellectual ability etc & it is the still the best medium of all communication.
But, it can be used along with print medium to increase reach & effectiveness. :-)
twitter has limited number of characters so its really hard to use it as a press releas, however it can be used in announcing and declaring short statments
Twitter is impossible to solve the press shop
No twiter should not do this
I personally dont feel that a social website specifically twitter could replace press releases. If one sees at the ground level , the basic difference lies in their usage. Most of the people literatre, illiterates( understanding through images) resort to press releases . As far as twitter is concerned it seems to be a website for known personalities, celebrities, etc.where although common people apppear but only to check status updates of the elites and not for much more than that. Thus, in country like INDIA, its not possible.
I just responded to a question that posits the question: Is the press release really dead? and I think my answer could very well extend here.
Twitter and press releases is an apples to oranges comparison. Here's the right comparison, something that Chip Rodgers and Julie O'Donnell hinted at above.
Content = Blog posts: Press Releases: Tweets
Distribution = RSS: Press release wire services: Twitter
So, to answer your question. No.
Neither tweets nor blog posts will replace press releases (despite its flaws) in the near future because of one reason - press release wire services - a well established and mass adopted system for dissemination of press releases to a large number of news outlets world-wide that scales well.
I do not think so though it presents a challenge!
yes i do think nowadays twitter and facebook would replace press releases.