It’s been a dizzying post-election week for Elon Musk’s X. Many users appear to be fleeing the platform, but more advertisers might return. reports the Morning Brew.
More than 115,000 US users deleted their X accounts the day after the election, the biggest exodus in a single day since Musk took over the company, per Similarweb. Many seem headed to Bluesky, the smaller X rival which yesterday sat at the top of the Apple App Store’s US chart.
The platform has gained 1 million new users since the election, bringing its total user count to 15 million. (For comparison: Twitter reported 330 million monthly users in 2019.)
Over a year after a flurry of brands left X over Musk’s paring back of content moderation, advertising agencies expect some to return following the election of Donald Trump, the Financial Times reported. Media experts said it’s likely that some advertisers will start to spend more money on X as a way to gain “political leverage” with the incoming administration, in which Musk figures to play an influential role.
Big picture: X needs to get more brands buying ads to reverse a sharp revenue decline. Total US ad spend among the top 100 advertisers on X during the first half of this year dropped 68% from the first half of 2022, according to Sensor Tower.
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