Pelle Svanslös
2024-09-07 09:01:28 UTC
More than a quarter of advertisers are planning to cut spending on Elon
Musk’s X over concerns about the social media platform’s content and
trust in the information disseminated, according to new global research.
Advertising revenue flowing to X has been in freefall since Musk bought
the site, then known as Twitter, for $44bn (£38bn) in October 2022,
claiming it had not lived up to its potential as a platform for “free
speech”.
However, Musk’s erratic and controversial behaviour on X, where he has
almost 200 million followers, has fuelled a backlash from advertisers
who have cut back or stopped running promotions there.
Research by data firm Kantar, based on interviews with 18,000 consumers
and 1,000 senior marketers around the world, has found that 26% of
marketers are planning to cut back ad spend on X in 2025.
Figures from eMarketer highlight the rapid commercial decline of the
platform in recent years, with the company’s global revenues peaking in
2021 at $4.46bn.
In 2022, global revenues dropped to $4.14bn. Since the world’s richest
man took over the site at the end of that year, they have more than
halved, with annual revenue forecast to fall to $1.9bn by the end of
this year.
“Advertisers have been moving their marketing spend away from X for
several years,” said Bubani. “The stark acceleration of this trend in
the past 12 months means a turnaround seems unlikely.”
Last month, X moved to sue a global advertising alliance and several
major companies, including Unilever, Mars and CVS Health, accusing them
of unlawfully conspiring to shun the social network and intentionally
causing it to lose revenue.
“We tried peace for 2 years, now it is war,” Musk tweeted at the time.
Last year, Musk delivered a profanity-laced message to advertisers
pulling money from X during an on-stage interview at an event in New York.
https://www.theguardian.com/media/article/2024/sep/05/advertiser-exodus-x-survey-2025-elon-musk
Good riddance X. Formerly Twitter.
Musk’s X over concerns about the social media platform’s content and
trust in the information disseminated, according to new global research.
Advertising revenue flowing to X has been in freefall since Musk bought
the site, then known as Twitter, for $44bn (£38bn) in October 2022,
claiming it had not lived up to its potential as a platform for “free
speech”.
However, Musk’s erratic and controversial behaviour on X, where he has
almost 200 million followers, has fuelled a backlash from advertisers
who have cut back or stopped running promotions there.
Research by data firm Kantar, based on interviews with 18,000 consumers
and 1,000 senior marketers around the world, has found that 26% of
marketers are planning to cut back ad spend on X in 2025.
Figures from eMarketer highlight the rapid commercial decline of the
platform in recent years, with the company’s global revenues peaking in
2021 at $4.46bn.
In 2022, global revenues dropped to $4.14bn. Since the world’s richest
man took over the site at the end of that year, they have more than
halved, with annual revenue forecast to fall to $1.9bn by the end of
this year.
“Advertisers have been moving their marketing spend away from X for
several years,” said Bubani. “The stark acceleration of this trend in
the past 12 months means a turnaround seems unlikely.”
Last month, X moved to sue a global advertising alliance and several
major companies, including Unilever, Mars and CVS Health, accusing them
of unlawfully conspiring to shun the social network and intentionally
causing it to lose revenue.
“We tried peace for 2 years, now it is war,” Musk tweeted at the time.
Last year, Musk delivered a profanity-laced message to advertisers
pulling money from X during an on-stage interview at an event in New York.
https://www.theguardian.com/media/article/2024/sep/05/advertiser-exodus-x-survey-2025-elon-musk
Good riddance X. Formerly Twitter.
--
"And off they went, from here to there,
The bear, the bear, and the maiden fair"
-- Traditional
"And off they went, from here to there,
The bear, the bear, and the maiden fair"
-- Traditional