Ad spending on Twitter plunged 71 percent in December, data from an advertising research firm showed, as top advertisers slashed their spending on the social-media platform following its acquisition by Elon Musk.
The most recent data by the Standard Media Index (SMI) comes in the form of Twitter The advertiser is moving to reverse the exodus. It has introduced some initiatives to win back advertisers, offering some free advertising, lifting restrictions on political advertising and allowing companies more control over the positioning of their ads.
According to data from SMI, ad spending on Twitter fell 55 percent in November compared to last year, while traditionally these months see higher ad spending as brands promote their products during the holiday season.
Twitter did not immediately respond to a Reuters request for comment.
Most companies stopped spending in November, the same month another research firm Pathmatics estimated Musk Restored suspended accounts and issued a payment account verification that resulted in scammers impersonating corporations.
According to estimates by Pathmatics, fourteen of the top 30 advertisers on Twitter stopped all advertising on the platform after Musk took office on October 27.
at an event in November twitter spaceMusk addressed the issue of companies blocking ads and said he understands if advertisers want to “give it a minute.”
Around the same time, Musk also blamed activist groups for pressuring advertisers to pull ads on the social media platform. Advertising sales account for about 90 percent of Twitter’s revenue.
Twitter’s fourth-quarter revenue plunged nearly 35 percent year over year due to a decline in advertising, the technology-focused publication reported, citing details shared by a top Twitter advertising executive at a staff meeting last week.
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