Twitter ad sales are down 59%, falling short of sales estimates
An international outlet obtained internal records that revealed Twitter's ad income crisis, which totaled $88 million in the five weeks between April 1 and early May
Sumit Rawat
According to an international journal, Elon Musk's microblogging site Twitter has been plagued by declining advertising earnings. The platform's US ad income fell 59% year on year to $88 million in the five weeks between April 1 and early May of this year. This is despite Musk's claim that practically all advertisers have returned to the network and that Twitter's profitability are improving.
According to an internal presentation reported in the journal, the company has consistently fallen short of its US weekly sales predictions, sometimes by as much as 30%.
According to the article, the performance is unlikely to change very soon, citing papers and statements from Twitter staff.
Twitter has been portrayed as a free-speech haven since Musk took over the microblogging platform, aiming to break free from its claimed targeting of conservative viewpoints.
However, worries about hate speech and obscenity arose, and businesses began to withdraw from the platform for fear of bad optics. Advertisements for online gambling and cannabis on the platform scared advertisers away even further.
Apple, Amazon, and Disney, three of Twitter's largest advertisers, have reduced their spending on the network. According to the allegation, banner ads that sell for $500,000 for a single day have gone unfulfilled.
Linda Yaccarino, a former NBCUniversal executive, took over as Twitter CEO in May and will have her job cut out for her to increase advertising revenue on the platform.
