(CNN) -- On the surface, a fast-growing service called Bit.ly performs a small task: it shortens URLs. Short URLs are booming thanks to social network tools like Twitter with character limits. That's useful when you want to share links on social networking sites like Twitter that limit the size of your messages, which helps explain why URL shortening services in general are proliferating. There are now well over a hundred. But Bit.ly, a startup that's part of the New York-based incubator Betaworks, goes further than many of its peers. In addition to short links, it offers free analytics on the traffic related to those links. And it has bigger plans in store.
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Shortened URL services growing in popularity thanks to services like Twitter
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Short URL company Bit.ly developing to allow web traffic tracking and a free analytics
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Other link shorteners allow for ads as new form of revenue model
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Many web users remain wary of clicking on shortened URLs
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