{"id":16487,"date":"2023-10-05T21:51:14","date_gmt":"2023-10-05T21:51:14","guid":{"rendered":"https:\/\/mysourcefunding.com\/marketing\/xs-revenue-has-been-decimated-almost-60-report\/"},"modified":"2023-10-05T21:51:15","modified_gmt":"2023-10-05T21:51:15","slug":"xs-revenue-has-been-decimated-almost-60-report","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=16487","title":{"rendered":"X\u2019s revenue has been decimated almost 60%: report"},"content":{"rendered":"

<\/p>\n

\n

Elon\u2019s Musk acquisition of X, formerly known as Twitter, hasn\u2019t been great for its bottom line.<\/p>\n

X\u2019s monthly revenue has tanked an average of 55% year over year in each of the past 12 months, according to data firm Guideline. Revenue has fallen every month in that period, per Guideline\u2019s research. Musk took over the company at the end of October last year.<\/p>\n

The platform\u2019s revenue fell an average of 61% between May and August this year compared to the same time period in 2022. It fell 78% year over year in December, the sharpest drop over the last 12 months. The last time the company reported earnings, in June of last year, it said it had made $1.2 billion in revenue during Q2.<\/p>\n

X did not respond to a request for comment. Guideline\u2019s figures are in line with stats Musk shared recently. Last month, he tweeted<\/a> that \u201cUS advertising revenue is still down 60%,\u201d though he didn\u2019t provide a timeframe and claimed without evidence that it was \u201cprimarily due to pressure on advertisers by [the Anti-Defamation League] (that\u2019s what advertisers tell us).\u201d<\/p>\n

Guideline\u2019s research stands in contrast with the rosy outlook X CEO Linda Yaccarino tried to present at Vox Media\u2019s Code Conference last week. During an onstage interview, she said that 90% of its top 100 advertisers have come back to the platform recently, and that X has 540 million monthly active users.<\/p>\n

During and after the conversation, observers noted that Yaccarino seemed unprepared for or unwilling to answer questions from the interviewer, CNBC\u2019s Julia Boorstin, including one about Musk\u2019s proposed plan to charge users a monthly fee. Yaccarino held her phone up during one point of the interview, inadvertently revealing that she did not have the X app on her home screen.<\/p>\n

\n
\n
Get marketing news you’ll actually want to read<\/h5>\n

Marketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our weekday newsletter, virtual events, marketing conferences, and digital guides.<\/p>\n<\/div>\n<\/div>\n

\u201cWho wouldn\u2019t want Elon Musk sitting by their side running product?\u201d Yaccarino said at one point, prompting laughter<\/a> and some in the audience to raise their hands.<\/p>\n

Meanwhile, changes at X continue: This week, X removed headlines and text descriptions from links shared in posts. Musk previously tweeted that the change was designed to \u201cgreatly improve the esthetics [sic]\u201d of the platform.<\/p>\n

The company has taken part in a number of new initiatives as of late in what seems to be a move to address the loss of ad revenue. Last month, it started selling programmatic ads via Google. More recently, it inked a deal with Paris Hilton in a deal that will involve her producing exclusive content for the platform through her marketing agency, 11:11 Media.<\/p>\n

This week, the Anti-Defamation League said it would start to advertise on X again in an effort to \u201cto bring our important message on fighting hate to X and its users.\u201d Last month, after Musk suggested that the nonprofit was behind a scare campaign to drive advertisers away, the ADL received a surge in threats, its CEO told CNN.<\/p>\n

\u201cTo be clear, any allegation that ADL has somehow orchestrated a boycott of X or caused billions of dollars of losses to the company or is \u2018pulling the strings\u2019 for other advertisers is false,\u201d the ADL wrote in a statement this week. \u201cIndeed, we ourselves were advertising on the platform until the anti-ADL attacks began a few weeks ago. We now are preparing to do so again to bring our important message on fighting hate to X and its users.\u201d<\/p>\n<\/div>\n