Elon Musk seems desperate to revive his Twitter business. so much that the social network offers free advertising to try to win back brands that advertise on the platform and that they decided to abandon their investment plans following the takeover of the controversial tech boss.
The company would offer free ad space on Twitter and was promising.or cover advertisers’ ad spend up to $250,000. This was announced on Friday by the business newspaper ‘The Wall Street Journal’, which has access to internal emails discussing this plan. “A total of $500,000 in advertising needs to be made before February 28,” the information says.
Twitter recently promised advertisers that they would give the platform $500,000 in free ads as long as they spent at least half a million dollars. The company wants them to be used during Super Bowl week, the time of the year when they generate the most revenue.
weakened business
This Twitter incentive responds to the financial need to attract brands. Liquidating an advertising business that has deteriorated since Musk bought the platform for $44 billion. And the introduction of controversial changes to the social network – from the comeback of far-right accounts or indulgence with disinformation about covid, to putting the blue tick. Control for sale — drove away its main advertisers. They’re trying to promote themselves in safe spaces, and Musk’s measures mean they no longer see Twitter as a place to advertise.
According to Sensor Tower data, more than 75 of the top 100 advertisers on Twitter had not invested in the platform in the first week of 2023 before Musk arrived. Major brands that have paralyzed advertising plans on Twitter include General Motors, Pfizer, United Airlines or Volkswagen.
‘Platformer’ pointed out that at the end of November, Twitter’s ad revenues in Europe, the Middle East and Asia fell by 15%, amounting to a loss of approximately $16 million.
Ad revenue is the main driver of Twitter’s business. Up to 92% of Twitter’s revenue in 2021 (4,500 of the $5,000 million) comes from ads. Therefore, it is essential for their survival.