"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."
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.
Read at Theregister
Unable to calculate read time
Collection
[
|
...
]