#RIPTwitter: Will brands soon abandon Twitter?
The hashtag "RIPTwitter" recently became popular on the network after two weeks marked by failed experiments, mass resignations, and big corporations declaring a halt to their Twitter ad spending.
admin
Since the popular social media platform's ownership changed hands more than two weeks ago, unrestrained mayhem has surrounded it ever since. Twitter underwent big adjustments quickly after hiring tech entrepreneur Elon Musk as its new CEO.
The media has done a good job of covering the complete timeline of events. People have begun to doubt the survival of the beloved bluebird in light of the introduction of an $8 membership plan, thousands of layoffs, a departure of C-suite executives, and Musk's statement that bankruptcy may very well become a possibility for Twitter. On Friday, November 18, the hashtag "RIP Twitter" started to trend on the website.
Worldwide brands and media purchasers are aware of this distrust. Global advertising agencies GroupM and Omnicom have recently recommended that their customers, who include well-known companies like Adidas, L'Oreal, McDonald's, Apple, etc., suspend their Twitter advertising campaigns. While GroupM claims that the platform is "High Risk" for media buying, Omnicom claims that the confusion has given rise to "Continued brand safety concerns."
Global companies are increasingly joining the list of those that have discontinued their Twitter advertisements. Several companies, including Audi, General Motors, Mondelez International, and Pfizer, have said that their platform advertising expenditures will be suspended.
When it comes to the Indian market, things are different.
According to Sanjay Mehta, Joint CEO of Mirum India, "At this time, we are not witnessing too significant budget movement from Indian brands and agencies on Twitter advertising." He does, however, point out that given the preliminary concerns about spending on Twitter advertisements that are currently being addressed, Indian brands may soon announce some delays. "This is due to two factors. One is the platform's ongoing uncertainty as a result of multiple modifications and what the company is going through right now. The brand safety in relation to their advertising is the second and more crucial "Mehta divulges.
