Twitter’s strategy for revitalizing its business goes beyond digital advertising, with a focus on video, creator partnerships, and commerce, according to an investor presentation reviewed by Reuters. The presentation, led by owner Elon Musk and new Chief Executive Linda Yaccarino, revealed that Twitter is in discussions with various figures from politics, entertainment, payments services, and news and media publishers for potential partnerships. Yaccarino, who took the helm on June 5, addressed Twitter’s investors for the first time during the presentation.
Following Musk’s acquisition of Twitter last October, the company faced significant challenges, including layoffs, criticism of its content moderation practices, and the departure of advertisers concerned about the placement of their ads alongside inappropriate content. However, Musk’s hiring of Yaccarino, a seasoned advertising executive known for revolutionizing ad sales at NBCUniversal, signaled that digital ads remained a priority for the platform.
Initially, some ad-buying firms advised their clients to pause ad spending on Twitter after Musk’s takeover. However, these recommendations have since been reversed, and major advertising holding companies now endorse continuing ad spending on the platform. Well-established brands such as Warner Bros, Mondelez, McDonald’s, and Walmart have resumed advertising on Twitter after temporary pauses.
Yaccarino shared with investors that ad spending in several categories, including health, consumer packaged goods, and financial services, has seen a year-over-year increase of at least 40%. The presentation also highlighted Twitter’s pursuit of “money transmitter licenses” in all 50 US states, as part of its ambitions to become a comprehensive “super app” similar to China’s WeChat, incorporating digital payments and other services.
Video content has been a key focus under Musk’s leadership, with vertical video now accounting for over 10% of time spent on Twitter. Notably, former Fox News host Tucker Carlson recently launched a show on the platform called “Tucker on Twitter.” Twitter sees potential in selling ads and sponsorships alongside content from Carlson and other creators.
Yaccarino has expressed that Musk has shown strong support for her ideas, and their working relationship has started positively. Twitter declined to comment on these matters.
In summary, Twitter’s plans involve diversifying its revenue streams through strategic partnerships, emphasizing video content, and pursuing digital commerce opportunities. Musk and Yaccarino are dedicated to restoring the platform’s business performance and attracting advertisers while ensuring effective content moderation practices.
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