Twitter has lost 72 of its 101 top advertisers in recent months, coinciding with billionaire Elon Musk’s acquisition of the company, according to data from Pathmatics.
The fact that companies such as Zoom, Wells Fargo, Pfizer, Volkswagen, Toyota, Nike and McDonald’s are among the companies that have stopped purchasing advertising space on the social network means a serious setback for the company. that it generates 88.7% of its revenue from advertising until at least 2021.
According to the last annual results report submitted in December 2021 before the firm was acquired by Musk, 4,506 of the $5,077 million that entered Twitter that year came from ads.
The Wall Street Journal reported that to stop these outings, Twitter executives held meetings with representatives of these companies and promised to introduce new advertising tools to them.
Announcing that he will resign from his post two days ago, Musk While the startup’s success is unknown when it found a manager to run the platform, it recently launched a payment system for user authentication in an effort to diversify its sources of income.
On November 4, the tycoon, who laid off more than half of the company’s staff (according to various media accounts), assured Twitter that it lost $4 million a day.
According to Pathmatics, the preferred platform for US companies to advertise their products or services is Facebook, which generated $6.8 billion in revenue from this channel in the third quarter of this year.
These are followed by Instagram, TikTok and Snapchat, respectively.
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Source: Exame
