Women’s publisher and advertising network Glam is seeking to make money by editing streams from Twitter, Friendfeed and Facebook’s status updates.

During the Oscars (it’s second run with the idea – first tested over Fashion Week), Glam’s entertainment editors edited down the standard #Oscars Twitter feed into a widget on their homepage. The result was Glam approved commentary that advertisers felt comfortable with, leading Aveeno to sign on as a sponsor of the branded widget.

The micro-blogging widgets are significant because they’re one of the first ways a company has tried to monetize microblogging through editing. Glam is calling its edited news wire “gWire.” Until now, microblogging has largely been either one-to-one or open to all. Glam lets both its own publishers and other third-party publishers embed the widgets on their websites…

Publishers in Glam’s network using the widget get a share of the revenue generated by the advertising. Within “a few weeks,” even publishers outside the network will be able to receive payments, via micro-payments from PayPal.

It will be really interesting to see if more magazines and news outlets go this monetized curating route in upcoming months. Venture Beat has Glam’s chief executive Samir Arora as saying that the feature is best used when anchored to an offline event such as the Oscars since there’s not only a steady stream of commentary, but a sponsor can buy branding on everything from the widget box to the physical event itself to display ads on Glam’s sites, as well as ads on video modules.

(via Venture Beat)