The IT Nerd

Remember when Elon Musk told advertisers who left Twitter to “go f**k themselves“? And he also sued advertisers for boycotting Twitter? Well, Elon is finding out that when you do stuff like that, it doesn’t end well. I say that because it looks like companies are going to spend less on advertising on Twitter going forward. Here’s what this looks like via The Next Web:

The advertising exodus from X is set to accelerate. In 2025, almost half of marketers in Europe and North America plan to cut their spending on the platform.

That’s according to a new study from Kantar, a market research firm based in the UK. The company found that trust in ads on X is now “historically low.”

Unsurprisingly, the company’s reputation has plummeted under the leadership of Elon Musk.

When Musk bought the platform in 2022, trust from marketers stood at a worrying 22%. Two years later, it’s down to a dismal 12%.

Trust isn’t their only concern. Only 4% of marketers now think adverts on X provide brand safety. Google tops that ranking with 39%.

Gonca Bubani, Kantar’s global media director, believes a swift turnaround is unlikely.

“X has changed so much in recent years and can be unpredictable from one day to the next,” she said. “It’s difficult to feel confident about your brand safety in that environment.”

This could explain why Elon has decided to hire people to work in areas like security as well as trust and safety after he either fired them or they quit rather than work for him. He needs to give advertisers a reason to come back to Twitter so he doesn’t have to face the prospect of having to tank Tesla stock by selling a ton of it so that he get cash to keep Twitter afloat. But honestly, I think at this point advertisers are done with Elon and his antics and there’s no way back in terms of getting them on board. Plus since Elon put Twitter into a death spiral, other social media contenders have emerged. Threads and Bluesky being the ones that would likely benefit from advertisers looking to spend their dollars on a platform other than Twitter. While I am always free to be proven wrong, I don’t think I will be. This I believe is the latest nail in Twitter’s coffin. And it’s all Elon’s fault in terms of Twitter being in that coffin.

This entry was posted on September 6, 2024 at 8:06 am and is filed under Commentary with tags Twitter. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.