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Wednesday, February 28, 2024

Twitter’s earnings down by 80% than expected

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The FIFA World Cup has always proven to be beneficial for social media giant Twitter, and record increase in its traffic was always witnessed because of the same, along with the increase in earnings through advertisements. This time, the tournament had commenced on 20th November, and as per the internal estimates of the company, that week, its advertisement earnings were 80% less in the USA. And in the meanwhile, Twitter is constantly cutting down its earning estimates.

The company had earlier predicted that it will earn 11, 397 crore rupees in the last three months of the year, which is less than the last year’s 13, 027 crore rupees. Due to not being able to fulfill the weekly advertising targets, Twitter’s expected earnings were initially cut down to 10, 584 crore rupees, and then to 8956 crore rupees. The company’s troubles are mounting after it was bought was Elon Musk in October end.

Advertisers, showing apprehensions about Musk’s policies, cut down on advertisements, and 90% of the social media company’s income comes in the form of advertisements. Owner Musk reactivated suspended accounts and put aside a policy related to false information. Researchers have found out that during the last few weeks, hate speech on Twitter has increased. Musk, along with persuading advertisers is busy pulling their legs, and they, in turn, have started a movement against twitter.

On the other hand, Apple, renowned for its iPhone, has spent 1465 crore rupees on its advertisements on Twitter. Twitter has also given additional concessions to those giving advertisements. According to the internal documents of the company, some brands, with major discounts, promote only events like the Super Bowl. With relation to Twitter, auto companies are the most worried advertisers. General Motors has raised the question of whether Twitter’s data will be shared with Musk’s car company, Tesla. After the drop in its income, Twitter has recently given additional concessions to some brands.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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