In the last two months, to be more precise, since Elon Musk took over Twitter, the social networking platform has lost 70% of its main advertisers, that is, 72 of 101 companies that bought advertising from it, according to data. from the Pathmatics firm.
Volkswagen, Toyota, Nike, McDonalds, Pfizer, Zoom and Wells are some of the companies that have stopped buying advertising space with Twitter, which will have a significant impact on the company, which until 2021 obtained almost 89% of its advertising revenue.
Of the 5 thousand 77 million dollars that Twitter earned in 2021, 4 thousand 506 million dollars came from advertising, according to the data presented in the annual report of the platform.
Faced with this potential financial disaster, Twitter executives have held meetings with the heads of the aforementioned companies, in which they promise to create and introduce new advertising tools, according to information from The Wall Street Journal.
Added to this loss, American companies continue to prefer Facebook from Meta to advertise their services and products, according to the Pathmatics firm. Despite its constant changes, thanks to the sale of advertising space, Facebook obtained revenues of 6.8 billion dollars in the first quarter of 2022 alone.
In addition, in an attempt to offset this potential impact on Twitter’s finances, Elon Musk launched a payment system for users to verify their identity, with which the platform could diversify its sources of income. So far it is not known what results this action has had.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.