Twitter plans to focus on video, creator and commerce partnerships to revitalise the social media company’s business beyond digital advertising, as per an investor presentation by owner Elon Musk and new Chief Executive Linda Yaccarino.
Linda Yaccarino, who start as CEO on 5th June 2023, told Twitter investors that the company is in early conversations with political and entertainment figures, payments services and news and media publishers on potential partnerships, said a source familiar with the matter, who spoke on condition of anonymity to discuss a private investor call.
The presentation was Linda Yaccarino’s first time addressing the company’s investors, the source said.
After Elon Musk acquire Twitter, the social media firm face months of chaos, including layoffs of thousands of employees, criticism over lax content moderation, and an exodus of many advertisers who did not want their ads appearing next to inappropriate content.
Elon Musk’s hiring of Linda Yaccarino, a longtime advertising executive who modernise ad sales at Comcast-own entertainment and news conglomerate NBCUniversal, was a signal that digital ads remained a priority for Twitter.
Some ad-buying firms had recommend their clients pause ad spending on Twitter after Musk’s takeover.
Those recommendations have reverse and none of the major advertising holding companies are currently recommending a pause, according to a slide shown during the presentation.
Well-known brands including Warner Bros, Mondelez, McDonald’s and Walmart have resume advertising on Twitter after initial pauses, the slide said.
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Linda Yaccarino told investors that ad spending in many advertiser categories is now up at least 40% year-over-year, including health, consumer package goods and financial services, the source said.
A Twitter executive decline to comment.
Under Elon Musk, Twitter change its business name to X, reflecting the billionaire’s vision to create a “super app,” like China’s WeChat, that he has said would include digital payments and other services.
Twitter is applying for “money transmitter licenses” in all 50 US states, as per a slide from the presentation.
Twitter has also focus on growing video content on the platform.
Vertical video now accounts for more than 10% of time spent on Twitter, another slide said.
Former Fox News host Tucker Carlson launch a new show earlier this month on the platform called “Tucker on Twitter.”
Twitter envisions that it could sell ads and sponsorships alongside videos from Carlson and other content creators, the source said.
Linda Yaccarino has also told colleagues in recent days that Musk has express strong support for her ideas and the working relationship was off to a positive start, the source said.
