With Elon Musk closing his deal to buy Twitter, brands are afraid of what the future might hold with advertising on the popular platform. Notable brands and celebrities including Gigi Hadid, General Motors, and Dyson have all decided to part ways and pause their advertising on Twitter, leaving millions of followers on the platform, due to the actions of Elon Musk.
Before the Musk takeover, advertising accounted for about 90% of Twitter’s revenue. So, what changed? Simply put, Musk doesn’t understand the power of advertising; shutting it down and causing brands to say their final goodbyes on the social media channel.
As Elon Musks’ respect, or lack thereof, for advertisers’ priorities has been shown, what can we expect to see in the future? “Cautious estimates suggest there has been a 30% pullback in advertising spend on the platform across the board” (Digital Marketing Institute). Along with companies and individuals dropping Twitter completely, many accounts will be pulling out advertising spend and putting it toward a more fitting substitute, like TikTok or Instagram. As we cannot predict the next steps to Musks’ thinking patterns, we can draft up a few scenarios that could make or break the long history of Twitter Advertising:
- Twitter continues the current lane they are in now.
- Twitter tries to win advertisers back.
- Twitter goes in an entirely different path.
While the future is unknown in the Twitter world, one thing is for certain; There is always room for opportunities to move your ad dollars elsewhere. Consider all strategies. Think outside of the traditional marketing box. Utilize all tools to benefit your ads.