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Foursquare rolls out paid ads pilot program

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New York—Location-based social network Foursquare is rolling out its first paid ads in beta form, with a pilot group of 20 advertisers lined up. The company's Promoted Updates ad units will appear on the site's Explore tab. Users will see nearby specials based on their past check-ins, activity by friends and previous engagement. The ads will be marked with yellow text saying "Promoted." Among the pilot program's advertisers are electronics retailer Best Buy Co., hospitality company Hilton Worldwide and department store chain Macy's.
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