Spending on Twitter ads was down 55% Y/Y in November and 71% in December, according to new data from advertising research company Standard Media Index. (via Reuters)
The report comes a week after sources close to the company told The Information that Twitter lost more than 500 top advertisers after Elon Musk’s acquisition in late October.
According to another data from Pathmatics, 14 of Twitter’s top 30 advertisers halted their ad campaigns after the takeover, and most of them stopped their spending in November, when Musk laid off nearly half of the company’s workforce, first announced the controversial Twitter Blue subscription plan for verification badges, restored several accounts such as those of Donald Trump and Kanye West, and offered a general amnesty for suspended accounts.
During a Twitter Spaces conversation the same month, he talked about how advertisers were stopping their campaigns on the platform and said that he “understands if people want to give it a minute.“
Just a few days before that, he said Twitter ‘’had a massive drop in revenue, due to activist groups pressuring advertisers’’.
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The social media company is now trying to lure back advertisers by offering them various ad incentives.
Meanwhile, Musk announced on Saturday that Twitter will offer a higher priced Twitter Blue plan with zero ads in the future. The current plan was originally launched on iOS in November, but relaunched last month after many users impersonated celebrities and organizations. The updated version was also launched on Android last week, and now costs $11 per month if you purchase it through Twitter’s mobile apps but $8 if you buy it through its website.