But so far this year, even though the World Cup has been running for 15 days, Twitter’s ad revenue is still below 80% of expectations last week, insiders told the New York Times.
At the same time, Twitter has had to drastically reduce its financial forecast for this year. Last quarter, the social networking company expected profit to reach $1.4 billion in the last three months of the year, $1.6 billion lower than in the same period a year ago due to the slowing economy.
However, after repeatedly falling short of their weekly advertising goals, that number dropped to $1.3 billion and $1.6 billion , respectively, according to insiders.
According to Mashable the cause of the drop in revenue is that advertising
Partners have left Twitter one after another since Musk took over the social network in late October. Half of the platform’s major brands have left, of which including Chipotle, Ford and Chevrolet.
Elon Musk also restored a large number of accounts that were locked on the platform, removed the regulations on Covid-19 fake news, made advertisers afraid Bulk SMS New Zealand afraid that they would become a victim of false and misleading posts. hate on Twitter.
Therefore, Twitter has to use a variety of incentives to attract big brands. The more money partners spend, the more favors Twitter will receive.
Some brands even claim that they only buy advertising on the event if they receive a shocking discount or a condition that allows them to withdraw from the advertising contract for any reason, an internal document states. shown. In particular, car companies are the most difficult partners to retain.
For example General Motors has expressed concern about whether
They asked Twitter not to share information with Tesla and not allow Tesla engineers to access their data.
“We believe it’s important to keep our advertising get CMB Directory to and communications strategy private from a platform owned by a rival company,” a General Motors representative said.
“We don’t have much faith in Twitter now, especially after the turmoil of the past four weeks,” said Ellie Bamford, global communications director at creative agency R/GA.
Last month, R/GA’s parent company IPG, one of the world’s largest advertisers, asked customers to stop buying ads on Twitter.
According to the New York Times , before Musk completed the acquisition, many partners were hesitant. In May, a month after Musk announced the acquisition, Twitter had 3,980 advertisers on the platform. But by October, the social network had only 2,315 advertisers. This is the lowest number in the company’s history.
