(Ecofin Agency) – A few hours before buying Twitter, Elon Musk wrote an open letter to reassure advertisers that the social network would not become a hell of libertarianism under his leadership. Obviously, his first weeks at the head of the social network did not convince advertisers.
According to the American media Platformer, Twitter’s advertising revenue is in danger. The media had access to a screenshot of an internal discussion of the social network on Slack. ” We are seeing a significant drop in ad purchases. Twitter’s advertising revenue in Europe, the Middle East and Africa (EMEA) is down 15% year over year and weekly purchases are down 49% “, warns one of the employees of Twitter.
In mid-November, the Washington Post announced that more than a third of Twitter advertisers were no longer paying for advertising on the social network. Among the advertisers concerned are the pharmaceutical manufacturer Merck, the food specialist Kellogg and the telecommunications company Verizon.
Anticipation of this leak from advertisers may have motivated Elon Musk to change the business model in hopes of generating the majority of Twitter’s revenue from subscriptions, including charging $8 for account certification. To date, this strategy has not really prospered.