Exclusive Report Reveals Sharp Decline in Advertisers on Musk’s Twitter-Like Platform.
24 October, 2023
In a dramatic shift that reverberates through the advertising landscape, a recent report by marketing consultancy Ebiquity has unveiled a startling revelation: the world’s most prominent advertisers are distancing themselves from Elon Musk’s X platform, following the tech mogul’s acquisition of the social media entity. The data reflects a substantial decline in advertiser participation, signaling potential challenges for the platform’s advertising future.
The report exposes a remarkable drop in the number of advertisers associated with X, with just two of Ebiquity’s clients engaging in advertising on the platform last month. This figure stands in stark contrast to the 31 brands that were actively present on X in September the previous year, prior to Elon Musk’s takeover of Twitter that transpired in October.
Ebiquity, a trusted partner for 70 of the world’s top 100 highest-spending advertisers, conducted this exclusive research, shedding light on the evolving dynamics within the advertising industry. The sharp decline in advertiser presence on X reflects growing apprehension among brands regarding the platform’s association with Musk and his previous forays into social media.
Elon Musk’s acquisition of X in October 2022 heralded the entrance of a new player in the social media arena. Described as a “Twitter-like” platform, X provides users with the opportunity to share concise messages and engage with others, mirroring some of the functionalities of established platforms. However, Musk’s controversial reputation on social media and the inherent risks linked to his unfiltered communication style have triggered a degree of apprehension among advertisers.
This development underscores the paramount significance of transparency and accountability in the realm of social media platforms. The ability of X to attract advertisers in the future may hinge on the platform’s capacity to address mounting concerns surrounding privacy, security, and disinformation. The evolving landscape of social media demands a careful balancing act, wherein regaining the trust of both advertisers and users is an imperative task.
As the advertising world navigates this transformation, the decisions of major advertisers to scale back their involvement with X represent a pivotal moment in the platform’s evolution. The repercussions of this withdrawal will likely influence the platform’s future trajectory and underscore the ever-evolving relationship between social media and advertising.
Resources:
1.https://www.businessinsider.com/ebiquity-data-most-advertisers-stopped-spending-x-twitter-2023-10
2.https://ebiquity.com/news-insights/press/advertisers-stop-buying-x-ads/