Geoff Cook, CEO of teen-targeted social network MyYearbook, says his company ended 2009 with an annual revenue run rate of $20 million, a 70 percent increase from its nearly $12 million revenue in the previous year.

The bulk of its revenue comes from virtual currency purchases from games MyYearbook has developed itself, like Blind Date and Owned. Unlike rival networks such as MySpace and Facebook, all of MyYearbook's social games are built and maintained in-house. The company, however, has plans to invite third-party studios to begin releasing games on its sites, according to a report from Mashable.

Scott Levine, previously senior vice president at Sony Music Entertainment, recently joined MyYearbook as its new Business Development SVP to help with that initiative by securing content deals and brand advertisers. The company is also looking to expand the social network through more Facebook Connect integration and mobile applications for iPhone and Android.

Launched in 2005, MyYearbook claims more than 20 million members. The site offers a "Lunch Money" virtual currency that users can earn by browsing the site, playing games, inviting friends to join, completing offers, or buying them through mobile/credit card payments. That social network cash can be used to purchase virtual gifts, photos, and more.