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In a recent investor presentation reviewed by Reuters, Twitter’s new Chief Executive, Linda Yaccarino, shared the company’s plans to revitalize its business beyond digital advertising. With a focus on video, creator partnerships, and commerce, Twitter aims to transform itself into a dynamic platform that goes beyond the traditional realms of social media.
Since taking ownership of Twitter in October, Elon Musk has been at the forefront of steering the company through a tumultuous period. Months of internal restructuring, content moderation challenges, and the departure of advertisers due to content-related concerns had shaken the platform. However, with the arrival of Yaccarino as CEO on June 5, Twitter has shown a renewed sense of purpose and direction.
Yaccarino’s first address to Twitter investors revealed the early conversations the company has been having with various entities, including political and entertainment figures, payments services, and news and media publishers. These potential partnerships signify Twitter’s ambition to create mutually beneficial collaborations that extend beyond its core digital advertising model. By tapping into new avenues, Twitter aims to diversify its revenue streams and strengthen its position in the ever-evolving social media landscape.
The investor presentation emphasized the significant role of video content in Twitter’s future. Vertical video now captures over 10% of the total time users spend on the platform, a clear indication of its growing popularity. Recognizing this trend, Twitter envisions expanding its video offerings and exploring opportunities to integrate advertising and sponsorships with engaging video content from notable creators. The recent launch of “Tucker on Twitter,” a new show by former Fox News host Tucker Carlson, exemplifies this strategic shift towards video-driven experiences.
Furthermore, the company’s pursuit of “money transmitter licenses” across all 50 US states demonstrates Twitter’s ambition to facilitate digital payments and potentially offer a range of other services. By diversifying its offerings and exploring the realm of commerce, Twitter aims to enhance user experiences and create a more holistic platform.
The investor presentation also highlighted positive developments in advertising spending on Twitter. Recommendations to pause ad spending following Musk’s acquisition have been reversed, with renowned brands such as Warner Bros, Mondelez, McDonald’s, and Walmart resuming their advertising campaigns on the platform. Yaccarino noted that ad spending in several key advertiser categories, including health, consumer packaged goods, and financial services, has increased by at least 40% year-over-year.
The collaborative relationship between Musk and Yaccarino bodes well for Twitter’s future. With Musk expressing strong support for her ideas and initiatives, Yaccarino brings her extensive advertising expertise and a fresh perspective to the company. This positive working dynamic is expected to drive innovation and further propel Twitter’s transformation into a prominent player in the digital landscape.
As Twitter embraces its new identity as X Corp., the company is setting its sights on becoming a comprehensive “super app” akin to China’s WeChat. By incorporating video content, strengthening commerce partnerships, and exploring digital payment services, Twitter aims to reinvent itself and deliver a more immersive and diverse user experience.
Conclusion
In conclusion, Twitter’s strategic shift towards video, creator partnerships, and digital commerce marks an exciting chapter in the company’s evolution. With the support of visionary leadership and a renewed focus on innovation, Twitter is poised to unlock its true potential and offer users a more engaging and dynamic social media platform.
Note: The information in this blog post is based on the investor presentation reviewed by Reuters and reflects the current direction and plans of Twitter.
