It has been six months since Elon Musk took charge of Twitter. Since then, multiple questions about its viability as a platform for brands and advertisers have popped up. Majority of Twitters revenue came from advertisers’ investments in the famous platform.
In this article, we will examine Twitter’s current position, the impact of Musk, and what the future might hold for this social media giant.
The Impact of Musk’s Charge on Twitter
Elon Musk’s charge over Twitter has undeniably impacted the platform. According to an Insider Intelligence report, Twitter saw a significant drop in monthly active users (MAUs) within the first quarter following Musk’s reign.
This decrease in user engagement has raised concerns for brands and advertisers who rely on the platform’s reach for their marketing efforts. Despite the decline in MAUs, Twitter has tried to maintain its relevance and attract new users.
Twitter’s Efforts to Stay Relevant
To compensate for losing one of its most influential users, Twitter has been rolling out new features and updates to attract a broader audience. Some of these efforts include the following:
Expanding Spaces – Its Live Audio Feature
Twitter has focused on enhancing its Spaces feature to provide users with a more interactive and engaging experience. This new format has increased live audio conversations, allowing brands to engage with consumers.
Introduction of Twitter Blue
To generate additional revenue, Twitter introduced a subscription-based service called Twitter Blue. This service offers premium features such as an undo tweet option, customizable app icons, and a reader mode for long threads. By offering a premium experience, Twitter aims to attract and retain a more dedicated user base.
Enhanced Focus on eCommerce
Twitter also emphasizes eCommerce capabilities with features like the “Shop Module” allowing businesses to showcase their products directly on their profiles. This move is designed to make the platform more appealing to brands and advertisers, creating a more seamless shopping experience for users.
Is Twitter Still a Viable Platform for Brands and Advertisers?
The Twitter ad revenue has dropped by 37% from October 2022 to March 2023. According to the Insider Intelligence report, Twitter’s ad revenue in October 2022 was $4.74 billion, which decreased to $2.98 billion by March 2023.
Additionally, companies have lost trust in Musk because of his offensive tweets. Last month, he also mocked a disabled Twitter employee, for which he received backlash from the audience. Although he later apologized, companies are still unwilling to affiliate with Musk. They are complaining about not being able to share their concerns with the Twitter team as Musk has fired most of the sales members.
Musk has recently discussed the relationship of Twitter with advertisers who are reluctant to get back to this platform again. So, the crux is that advertisers don’t need Twitter as much as Twitter needs them.
What Will Happen Next?
It depends on Musk whether he tries to win back the trust of the brands and advertisers or find any other alternative way to generate revenues. Otherwise, Twitter will go bankrupt soon. While Elon Musk has undoubtedly impacted Twitter, the platform continues to adapt and evolve to remain relevant in the ever-changing social media landscape.
As Twitter rolls out new features and focuses on enhancing the user experience, brands and advertisers must stay informed about these developments and leverage the platform effectively.
Some future trends to watch for include the following:
Increasing Integration of AI and Machine Learning
As Twitter invests more in AI and machine learning, we can expect better content curation and personalized user experiences. It could result in higher engagement rates and better targeting options for advertisers.
Expansion of Spaces
With the success of live audio conversations on the platform, Twitter is likely to expand Spaces further and possibly integrate it with other features. This expansion could open new avenues for brands to engage with their target audience through live events, collaborations, and interactive experiences.
Enhanced Video Content
As video content continues to dominate social media platforms, Twitter may invest more in enhancing its video capabilities. It could involve improvements in video quality, integration with live audio features, and better discovery tools. Brands and advertisers should stay abreast of these developments to maximize the potential of video content on Twitter.
Greater Emphasis on Social Issues and Activism
Twitter has long been a platform for driving social change and raising awareness about various issues. As the platform evolves, we can expect a stronger focus on social responsibility and activism, allowing brands to align themselves with relevant causes and engage with users on a deeper level.
Collaboration with Other Platforms
Twitter may explore partnerships with other social media platforms or third-party services to enhance its offerings and reach. Such collaborations allow brands to reach their target audience and create unique cross-platform campaigns.
In conclusion, while Elon Musk has undoubtedly impacted Twitter, the platform has shown resilience and adaptability in the face of change. The ongoing development of new features, a focus on user privacy, and efforts to cater to the needs of brands and advertisers might make Twitter a viable platform for marketing.
As the platform continues to evolve, brands and advertisers must stay informed about the latest developments and leverage Twitter effectively to maximize their reach and engagement with their target audience. By staying proactive and keeping an eye on future trends, businesses can harness the power of Twitter as a valuable marketing tool.