News Desk
CALIFORNIA: Advertising spending on Twitter Inc. fell by 71 percent in December, data from an ad research firm showed as top advertisers cut down their spending on the social media platform after Elon Musk’s takeover as its CEO.
The recent data by Standard Media Index comes (SMI) revealed that ad spending on Twitter in November fell 55% from last year despite these months being a time of higher ad spending as brands promote their products during the holiday season.
SMI released the figures as Twitter seeks to win back advertisers with a number of new initiatives, which include offering some free ads, unbanning political advertising, and allowing firms greater control over the positioning of their ads.
Most of the firms had stopped spending in November, according to another research firm Pathmatics, the same month that Musk restored suspended accounts as well as released a paid account verification that led to scammers impersonating corporations.
Fourteen top thirty advertisers on Twitter
Fourteen of the top thirty advertisers on Twitter stopped all advertising on the social media platform after Musk took charge on October 27, according to Pathmatics estimates.
In an event on Twitter Spaces in November, Musk addressed the issue of companies pausing ads, saying that he understands if advertisers “want to give it a minute.”
During the same time period, he also blamed activist groups for pressuring firms to stop advertising on Twitter. Ad sales account for about 90% of Twitter’s revenue.
