Advertising revenues for the social network Twitter have been declining sharply since the millionaire takeover. In the last ten months alone, the amount that advertisers spent on advertising on the social network has dropped to US$7.6 million, which represents a decline of 89%, advances this Thursday the financial agency “Bloomberg”.
Since Elon Musk bought the social network, advertising revenue has been falling. Between September and October of last year, Twitter’s top 10 advertisers, which include the likes of HBO, Amazon, IBM and Coca-Cola, spent about $71 million, according to estimates by Pathmatics. In recent months this figure has dropped to US$7.6 million.
The social network’s revenue has dropped 50% since October as a result of a massive decline in advertising, according to statements by Elon Musk.
When Elon Musk took over the social network, several advertising companies advised their clients to suspend advertising on Twitter. Many of these companies still do not advertise on the platform.
In view of these values, the social network has been trying to compensate for the decline in advertising, one of the measures presented was Twitter Blue, the payment of a fee to have the account verified. But according to data from Sensor Tower, in the first three months this service raised 11 million dollars, which corresponds to only 15% of lost advertising revenue.