In the weeks after the billionaire took over Twitter, advertisers pulled almost half of their advertising – costing the platform millions.
prompted major advertisers to abandon the platform in droves, with new figures showing a 46 per cent drop in Australian ad revenue in the final quarter of 2022 compared to the previous year.
This fall was despite the “social media” category – the broader market including Facebook, Instagram and Snapchat, for example – rising 4 per cent.At the time, major advertising agencies – such as global giant IPG – publicly announced they had paused their spending with Twitter. Despite its relatively low revenue, Twitter’s cultural impact is enormous. It had an estimated 3.7 million users in Australia, according to Datareportal, which was quoted in the Australian Competition and Consumer Commission’s digital platforms inquiry.
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