According to an investor presentation by owner Elon Musk and incoming Chief Executive Linda Yaccarino that was examined by Reuters, Twitter aims to concentrate on video, creative, and commerce partnerships to revitalize the social media company’s economy outside of digital advertising.
According to a source familiar with the situation who spoke on the condition of anonymity to discuss a private investor call, Yaccarino, who took over as CEO of Twitter on June 5, informed investors on Thursday that the company is in preliminary discussions with political and entertainment figures, payments services, and news and media publishers about potential partnerships.
Yaccarino spoke to the company’s investors for the first time during the presentation, the person claimed.
Musk’s purchase of Twitter in October was followed by months of instability for the social media company, including hundreds of layoffs, criticism for sloppy content moderation, and a mass departure of sponsors who did not want their ads to appear next to offensive content.
A clue that digital ads remained a focus for Twitter was Musk’s employment of Yaccarino, a seasoned advertising executive who modernized ad sales at Comcast-owned entertainment and news group NBCUniversal.
After Musk’s takeover, some ad agencies advised their clients to suspend their Twitter advertising. According to a slide displayed during the presentation, those suggestions have been reversed and none of the major advertising holding corporations are currently advocating a suspension.
After early pauses, well-known companies like Warner Bros., Mondelez, McDonald’s, and Walmart have resumed Twitter advertising, according to the slide.
According to the source, Yaccarino told investors that advertising spending is currently growing by at least 40% year over year in a number of advertiser sectors, including health, consumer packaged goods, and financial services.
An official from Twitter declined to comment.
Video and business
Under Musk, Twitter’s business name was changed to X, representing the tycoon’s desire to develop a “super app,” similar to WeChat in China, that would, according to him, offer digital payments and other services.
According to a presentation slide, Twitter is requesting “money transmitter licenses” in each of the 50 US states.
Additionally, the business has concentrated on expanding the platform’s video content. According to another slide, more than 10% of time spent on Twitter is now spent watching vertical video.
This month, Tucker Carlson, a former host of Fox News, debuted a new program on the network called “Tucker on Twitter.”
According to the insider, Twitter wants to be able to sell sponsorships and advertisements alongside videos made by Carlson and other content producers.
The insider claimed that Yaccarino has recently told her coworkers that Musk has voiced great support for her ideas and that their working relationship is off to a good start.