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Twitter’s ad revenue reportedly down 40% as advertisers stay away

By our News Team | 2023

Major brands that paused their spending on the social media platform when Musk took over are continuing to place their adspend elsewhere.

Advertisers are continuing to boycott Twitter in the Elon Musk era, with various international media outlets reporting yesterday (Wednesday) that ad revenue is 40% down and that around 500 advertisers are continuing to keep their adspend on the platform on hold.

Twitter has been in an advertising squeeze since Musk’s chaotic takeover in October last year. Advertisers are concerned about the future direction of the social media channel, its ethics, technical issues and data privacy – among others.

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Image by Edar from Pixabay

“Tiny scoop: We learned today that Twitter’s revenue is down 40 percent year over year (and Musk’s first giant interest payment on the company is due at the end of the month),” said Zoë Schiffer, Managing Editor of technology newsletter The Platformer. Ironically, she made her announcement on Twitter.

Crisis facing Twitter’s core ad business

The Information, a technology news website, also reported yesterday (Wednesday): “A senior Twitter manager told employees that the company’s daily revenue on Tuesday was 40% lower than the same day a year ago, underscoring the crisis facing its core ads business, according to a person with direct knowledge.”

The report added: “In a staff meeting on Tuesday, Siddharth Rao, an engineering manager overseeing the engineers working on Twitter’s ad business, also told employees in a presentation that more than 500 of Twitter’s top advertisers have paused spending on Twitter since Elon Musk took over in October.”

Advertising is the main source of income for Twitter, accounting for more than 90% of its US$5.1-billion in revenue in 2021, The Guardian newspaper said in its own report, noting that advertisers including Audi and Pfizer are among the firms that have paused after the Tesla CEO’s $44-billion takeover of Twitter.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.