Advertisers worried about Twitter's security after Elon Musk completed his takeover.
More than half of the top 1,000 advertisers of Twitter in September 2022 are no longer spending on the microblogging platform as compared to the first weeks of January. This startling indication of advertiser exodus was reported by CNN citing the data provided by digital marketing analysis company Pathmatics.
According to estimates from Pathmatics based on data up until January 25 this year, 625 of the top 1,000 Twitter advertisers, including companies like Coca-Cola, Unilever, Jeep, Wells Fargo and Merck, had stopped buying advertisements. This resulted in a decrease of 60 per cent revenue from October to January 25- from around $127 million to a little over $48 million.
It was also reported that advertisers started to worry about the security and viability of the platform after billionaire Elon Musk completed his takeover of the company in late October. Mr Musk had also claimed Twitter experienced a "massive revenue drop in the beginning of November 2022.
As per CNN, Mr Musk is now attempting to attract advertisers back to the platform, According to reports, the platform offered a "fire sale" Super Bowl deal to advertisers in an effort to lure them back for one of Twitter's busiest days of the year.
Additionally, Twitter has joined hands with a "brand safety" company that claims it can inform advertisers when their advertising appears next to offensive or dangerous content on the microblogging platform, the outlet stated.
As per CNN, HBO was Twitter's top advertiser in September, spending over $12 million (Rs 99 crore) on advertisements but as of January 25, it had only spent slightly more than $54,000 (Rs 44 lakh).
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It is to be noted that companies like ESPN, Salesforce and Apple spent more money on the platform in January than they did in the month before Mr Musk bought the company.
Recently, the CEO of Twitter had declared that the last "three months were extremely tough" as he was struggling hard to save Twitter from bankruptcy. "Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!" he said in a tweet on February 5.