Advertising spend on Twitter Inc dropped by 71% in December, data from an advertising research firm showed.
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The recent data by Standard Media Index comes as Twitter is moving to reverse the advertiser exodus. It has introduced a slew of initiatives to win back advertisers, offering some free ads, lifting a ban on political advertising and allowing companies greater control over the positioning of their ads.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.
Fourteen of the top 30 advertisers on Twitter stopped all advertising on the platform after Musk took charge on Oct. 27, according to the Pathmatics estimates.In a November event on Twitter Spaces, Musk addressed the issue of companies pausing ads and said that he understands if advertisers “want to give it a minute.”
Around the same time, Musk had also blamed activist groups for pressuring advertisers to pull ads on social media platform. Ad sales account for about 90% of Twitter’s revenue. Twitter’s fourth-quarter revenue fell about 35% year over year due to a slump in advertising, technology-focused publication the Information reported, citing details shared by a top Twitter ad executive at a staff meeting last week.
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