The microblogging site, Twitter, has said that non-subscribers to Twitter Blue will no longer be able to run ads on the platform starting from Friday, April 21, 2023. This followed the removal of legacy blue checks from millions of accounts on the platform as Elon Musk continues his aggressive push for more subscriptions.
While this may cause a further reduction in the already-dwindling adverts revenue for Twitter, the company is hoping to rake in more money from subscriptions as several businesses and individuals stripped of the legacy blue checkmarks will not be forced to subscribe.
Twitter in a notice sent to advertisers on the platform and titled ‘Building a better Twitter through verification’ stated:
Before now, Twitter’s ad revenue has been projected to by 28% in 2023. Analysts at Insider Intelligence said they were slashing an earlier worldwide revenue estimate of $4.74 billion by more than a third to $2.98 billion as trust in the platform deteriorates.
In a report released earlier this month, Principal Analyst at Insider Intelligence, Jasmine Enberg, said:
“The biggest problem with Twitter’s ad business is that advertisers don’t trust Musk. Twitter needs to unravel Musk’s personal brand from the company’s corporate image to regain advertiser trust and bring back ad dollars.”
Musk’s tumultuous takeover of Twitter has already seen several major advertisers suspend their activity on the platform after the Tesla tycoon loosened the reins on content moderation and laid off over half of a 7,000-strong workforce.
According to research firm Pathmatics, in January fourteen of the top 30 advertisers on Twitter stopped advertising on the platform since Musk took charge on October 27. Insider Intelligence noted that Musk’s efforts to build up a subscription service “won’t make up for the lost ad revenue.”
Musk bought Twitter for $44 billion. Musk, however, said he realised after taking over that the company’s value is worth half the price, which explains why he is aggressively pushing for paid subscriptions to shore up the company’s revenue.
Law Lee, an associate of the popular singer Naira Marley, has openly expressed disdain for…
A Federal High Court in Kano, presided over by Justice A. M. Liman, has issued…
Encouragement can seem like a good, but small thing to us. But encouragement is…
The Governor of Oyo State, Seyi Makinde, has cast his ballot in the ongoing Local Government (LG)…
The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has…
‘My Family Distribute Electricity To Many Nigerians’ – Davido