Elon Musk’s app is handing out more wads of cash following a difficult few months in the wake of his US$44 billion acquisition.
The Wall Street Journal has seen emails revealing that Twitter is hoping to reel brands back in by offering free advertising space. The company has been bleeding business and money after changes were introduced to its policies and belief system, and it’s seemingly seizing the chance to regain trust ahead of Super Bowl season, when advertisers are especially generous with their budgets and more active on social media.
In November,Media Matters for America noted that 50 of Twitter’s leading advertisers, including Apple, Pfizer, General Mills, and Audi, had cut off promotional activities on the site. These firms had spent nearly US$2 billion from 2020 to 2022, and over US$750 million in 2022 alone.
The WSJ reports that Twitter is matching advertisers’ spending to US$250,000 as long as interested parties run the US$500,000 worth of advertisements by the end of February. This is the social network’s next incentive to win companies back; previously, it waved a stack of US$500,000 in free advertising space in from of them, with the catch of the brands having to dole out at least half a million dollars, cites the news outlet.
Twitter is seeing these sponsorships as a necessary step, since advertising accounted for the majority of its US$5.1 billion revenue in 2021, as per the report. Long in its maturity, it is now working to remain competitive as it enters a rebirth.
Companies keen on letting Twitter foot half of their promotional bill will need to use its advertising tools, which includes a feature to add keywords that block unwanted tweets.