Twitter adverts ‘not fully appreciated’, says Musk amid ‘massive revenue drop’

“The ability of Twitter advertising to reach the most influential people in the world is often not fully appreciated. While a few other social networks are technically bigger, Twitter is where the writers and leaders spend their time,” Musk tweeted.

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Musk’s remark comes after experiences of greater than half of Twitter’s 1,000 prime advertisers stopped spending on the platform. According to a digital advertising and marketing evaluation agency Pathmatics by Sensor Tower, round 625 advertisers together with Coca-Cola, Jeep, Unilever, Merck and Wells Fargo have pulled their adverts out by January. This led to a major decline within the $4.5 billion promoting enterprise of the platform.

Musk tried totally different initiatives to get these advertisers again such a operating a Super Bowl ‘fire sale’ provide and likewise partnered with a third-party ‘brand safety’ firm which is able to immediate advertisers if their adverts seem alongside different unsafe or inappropriate content material on the platform.

The knowledge confirmed among the many remaining advertisers on the platform, many have diminished their spending as properly. One of the present prime advertisers, HBO, spent round $12 million on adverts in September final 12 months which diminished to solely practically $54,000 in January this 12 months.

Last 12 months, Musk mentioned that there was a ‘large drop in income’ as advertisers paused their spending.

“Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,” he tweeted earlier.