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X sees huge ad-revenue losses

by on05 October 2023


Musk thinks getting rid of headlines will fix that  

Billionaire friend of Vladimir Putin Elon [look at me] Musk has revamped his social networking site by removing its headlines on article links.

This was done on the same day that Reuters reported the platform saw monthly ad-revenue plummet faster than a team of free-falling elephants who have forgotten to pack a key ingredient of their act.

X  has seen year-over-year monthly ad revenue declines of at least 55 per cent every month since Musk took over last October. Ad revenue in August was down 60 per cent year over year, the report said.

Musk has acknowledged a steep drop-off in ad revenue and X Chief Executive Linda Yaccarino is expected to meet this week with bank lenders who helped finance Musk’s acquisition to update them on the company’s plans.

Last week, Yaccarino told a tech conference that 90 per cent of X’s top 100 advertisers had resumed placing ads and claimed the company could be profitable next year.

The new look means that instead of a headline on articles posted on the platform, users see only a blurb at the top, and an image that can be clicked on. The change appeared to be rolling out in stages across different platforms.

Many users complained that the change is confusing as many posts now lack context from a headline.

Since buying Twitter for $44 billion last year, Musk has moved to downgrade news content and has suggested users should write longer posts rather than include links to boost engagement.

 

Last modified on 05 October 2023
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