While this newest move from Twitter has attracted widespread criticism, it would take us a few months to know how much of an impact it would have on Twitter’s ad revenue — which is already expected to take a massive dip in 2023.
Research firm Insider Intelligence, earlier this month, had predicted that Twitter’s worldwide ad revenues could plummet by 27.9% this year. From a figure of $4.14 billion in 2022, Twitter’s ad revenue is set to drop to just $2.98 billion, per Insider. If this prediction ends up being true, it would also mean that Twitter’s ad business will shrink to pre-pandemic levels.
The Insider report also claims that ad spending by Twitter’s top ten advertisers — which include the likes of Amazon, IBM, and Coca-Cola — plummeted by 89% in the February-March period of 2023. With Microsoft also recently confirming that it would be removing Twitter from its advertising platform, things certainly aren’t looking too good for Twitter and its ad team.
It is also pertinent to note that Twitter has not been successful at offsetting the losses caused by the dip in ad revenue with the new-found income streams of Twitter Blue subscriptions and API access charges.
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