E-Paper
Twitter ads ‘not fully appreciated’, says Musk amid ‘massive revenue drop’
despite other social networking platforms being ‘technically bigger’, writers and leaders ‘spend their time’ on Twitter.
Elon Musk on Thursday said despite other social networking platforms being ‘technically bigger’, writers and leaders ‘spend their time’ on the microblogging site. He further said that Twitter ad's ability to reach the most influential people is ‘often not fully appreciated’.
“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.
Also read: Tesla stock plunges 6% after Elon Musk's 'master plan' fails to impress: Report
Musk's comment comes after reports of more than half of Twitter's 1,000 top advertisers stopped spending on the platform. According to a digital marketing analysis firm Pathmatics by Sensor Tower, around 625 advertisers including Coca-Cola, Jeep, Unilever, Merck and Wells Fargo have pulled their ads out by January. This led to a significant decline in the $4.5 billion advertising business of the platform.
Musk tried different initiatives to get these advertisers back such a running a Super Bowl ‘fire sale’ offer and also partnered with a third-party ‘brand safety’ company which will prompt advertisers if their ads appear alongside other unsafe or inappropriate content on the platform.
The data showed among the remaining advertisers on the platform, many have reduced their spending as well. One of the current top advertisers, HBO, spent around $12 million on ads in September last year which reduced to only nearly $54,000 in January this year.
Last year, Musk said that there has been a ‘massive drop in revenue' 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.
