With Elon Musk’s takeover of Twitter and as the new Chief Executive, Linda Yaccarino, stepped into the company, Twitter saw a flurry of changes in its operations and management. Now, the tech giant is set to emphasise on video, creator, and commerce partnerships. This comes as the platform tries to grow the business beyond digital advertising. This new step was discovered by Reuters as it reviewed the investor presentation by Musk and Yaccarino.
According to a source familiar with the situation who spoke on the condition of anonymity to discuss a private investor call, Yaccarino, who took over as CEO of Twitter on June 5, informed investors on Thursday that the company is in preliminary discussions with political and entertainment figures, payment services, and news and media publishers about potential partnerships. This presentation was Yaccarino’s first address to the tech company’s investors.
Musk’s purchase of Twitter last year was followed by months of instability for the social media company, including hundreds of layoffs, criticism for sloppy content moderation, and a mass departure of sponsors who did not want their ads to appear next to offensive content.
Twitter exhibited that digital ads continue to remain a focus for Twitter by hiring Yaccarino, a seasoned advertising executive who modernised ad sales at Comcast-owned entertainment and news group NBCUniversal.
After Musk’s takeover, some ad agencies advised their clients to suspend their Twitter advertising. According to a slide displayed during the presentation, those suggestions have been reversed, and none of the major advertising holding corporations are currently advocating a suspension. After early pauses, well-known companies like Warner Bros., Mondelez, McDonald’s, and Walmart have resumed Twitter advertising, according to the slide.
According to a source, Yaccarino told investors that advertising spending is currently growing by at least 40% year over year in a number of advertiser sectors, including health, consumer packaged goods, and financial services. However, according to a report by CNBC, a Twitter executive turned them down for a comment.
Under Musk, Twitter changed its name to X Corp., reflecting Musk’s aim to develop a “super app,” similar to China’s WeChat, that would, according to him, offer digital payments and other services. According to a presentation slide, Twitter is requesting “money transmitter licences” in each of the 50 U.S. states. Additionally, the business has concentrated on expanding the platform’s video content. According to another slide, more than 10% of time spent on Twitter is now spent watching vertical videos.
This month, Tucker Carlson, a former host of Fox News, debuted a new programme on the network called “Tucker on Twitter.” Reports suggest that Twitter wants to be able to sell sponsorships and advertisements alongside videos made by Carlson and other content producers. Further, as per the source, Yaccarino has recently told her coworkers that Musk has voiced great support for her ideas and that their working relationship is off to a good start.
Earlier this month, Linda Yaccarino sent out her first email to the employees. The subject line of the email said, “Building Twitter 2.0 Together.” Her email reaffirmed Elon Musk’s goal of transforming Twitter into a “Global Town Square.” Her message began by claiming that Musk was aware of sectors ranging from electric automobiles to space exploration and claimed that he was aware that these sectors required transformation, and “so he did.”
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Her email further elaborated on the vision to enter Twitter 2.0. The new CEO asserted that Twitter’s mission is to become the most accurate real-time source of information and to become a “global town square for communication.” Her email read, “We’re on the precipice of making history—and that’s not an empty promise. That’s our reality.”
