Twitter’s Next Move? Reality TV.

In a surprising announcement, Twitter cofounders announced over the Memorial Day weekend that they are partnering with two major production companies to create a reality-TV show based on Twitter as a game.

According to the Moxie Mo Show podcast, Twitter will use the 140 character limit to allow contestants to compete with celebrities but that’s about as much as we know at this point.

Many are not happy with Twitter’s next move as most anticipated the co-founders would reinvest their money and their popularity to making the site even better, allowing better replies and direct messages and even adding an advertising revenue model so they can actually “make a killing” with the most talked about social networking site of 2009.

According to Associated Press, “The show would harness Twitter to put players on the trail of celebrities in an interactive, competitive format. The producers call their proposed series the first to bring the immediacy of Twitter to the TV screen.”

“Twitter is transforming the way people communicate, especially celebrities and their fans,” said Reveille managing director Howard T. Owens, who expects the new project to “unlock Twitter’s potential on TV.” Reveille is one of the production companies that is partnering with Twitter on the new series.

Many believe this is an ill-fated move for Twitter although we’ve always been wrong before.