Following Elon Musk's acquisition of Twitter, now known as X, the UK branch reported a dramatic drop in revenues by two-thirds, with net profit decreasing from £5.6 million to £1.2 million. The financial turmoil stemmed from advertisers pausing spending amid controversies surrounding reinstated banned figures, raising brand safety concerns. X is attempting to address these issues by enhancing safety measures and diversifying revenue streams, including subscription services. Musk's cost-cutting approach further impacted company dynamics as significant layoffs occurred post-acquisition.
The UK arm of X faced a substantial decline in revenue, dropping two-thirds year-on-year, attributed to advertisers pausing spending due to brand safety concerns.
The company's net profit declined significantly from £5.6 million to £1.2 million, with the drop reflecting advertisers' reactions to controversial content and moderation practices.
X is implementing measures to improve revenue, including diversifying its advertising streams and enhancing brand safety tools to regain advertiser trust and spending.
Despite the challenges, X's strategy includes introducing a subscription model that offers users features like fewer ads and verified accounts to boost revenue.
Collection
[
|
...
]