So this story seems to be generating a bit of buzz. Morgan Stanley have published a “research note” written by a 15 year old intern which suggests that teenagers don’t want to pay for things, don’t like reading, download music illegally, find online advertising pointless and… shock horror – don’t use Twitter.

Apparently, it’s gone down a storm with fund managers and CEOs all around London. But based on a sample size of… umm, Matthew Robson and his mates, he’s succeeded in telling us exactly what those of us working in this space have know for the last few years…. no Twit Sherlock.

I think it all comes down to income – or lack of it, and the resulting fact that most teenagers will be on pay-as-you- go mobile phones; credit is more valuable than pure gold to most teens I know. Without fast, all-you-can-eat access to the web, teens won’t be online on the move, which means they are unlikely to use twitter on their mobiles – the primary communication medium – and if calls = credit, they are more likely to use MSN or XBox Live and Wii voice chat to speak with each other while they’re at home – it’s free.

The thought piece confirms many fears of digital marketers, but we already know that teens are an extremely hard audience to please, and the likes of Bebo have already understood that it’s about monetising content that this picky bunch will like. Last week I was at a New Media Knowledge conference where a Bebo spokesperson said that they no longer produce content unless they have secured 100% of the funding through a commercial sponsor. Its new Beat music show is racking up around 400,000 views and is sponsored by (Red client) Samsung. Yes, this is online advertising. No, teens don’t find it annoying, and the simple reason is that it’s engaging content wrapped up in brand engagement.