New York, Jun 5 (EFE) hate on the platform
Twitter advertising revenue in the US from April 1 to the first week of May was 88 million dollars (82,429,481 euros).
This is 59% less than the previous year, according to The New York Times.
The outlet, which accessed internal company documents, points out that the company has regularly been below its weekly sales projections in the United States, sometimes by as much as 30%.
Twitter receives 56% less revenue than in 2022
In addition, the company forecast that its US advertising revenue this month will be 56% lower each week compared to a year ago.
According to the newspaper, Twitter’s ad sales staff is concerned that advertisers are pulling out due to the rise of hate speech and pornography on the social network, as well as more ads for online gambling and related products. with the consumption of marijuana on the platform.
These problems will soon be the responsibility of Linda Yaccarino, a former NBCUniversal executive who was appointed CEO of Twitter by Elon Musk last month and, according to the specialized press, is expected to take office on Monday.
For his part, the owner of the social network, Musk, said that Twitter’s advertising business was on the rise.
In addition, that almost “all advertisers have returned” and that the company could soon become profitable.
advertising is key
Advertising is crucial for Twitter, as ads before Musk’s arrival accounted for 90% of the company’s revenue.
After the arrival of the controversial businessman, large advertising agencies and brands, such as General Motors and Volkswagen, stopped their advertising investment on Twitter.
Musk said in May that Twitter was on track to post $3 billion in revenue by 2023.
The Musk Effect
This figure is below the 5.1 billion it obtained in 2021, when the company was still listed on Wall Street.
In March, Musk said the company – which he bought for $44 billion – was worth $20 billion.
But last week, the investment fund giant Fidelity, which owns shares in Twitter, valued the company at a lower figure: $15 billion.