Twitter has some major plans to revitalise the company’s business beyond digital advertising.
According to an investor presentation by owner Elon Musk and new Chief Executive Linda Yaccarino, Twitter is likely to focus on video, creator and commerce partnerships, New York Post reported, citing Reuters. Yaccarino, who became the company’s new CEO on 5 June, recently told Twitter investors that the company is in early conversations with political and entertainment figures, payments services and news and media publishers, said a source familiar with the matter, who spoke on condition of anonymity to discuss a private investor call.
The presentation marks Yaccarino’s first meeting with the company’s investors.
After Musk acquired Twitter in October, the social media firm faced months of chaos, including layoffs of thousands of employees, criticism over lax content moderation and an exodus of many advertisers who did not want their ads appearing next to inappropriate content.
Some ad-buying firms had recommended their clients pause ad spending on Twitter after Musk’s takeover. Those recommendations have been reversed and none of the major advertising holding companies are currently recommending a pause, according to a slide shown during the presentation.
Well-known brands including Warner Bros, Mondelez, McDonald’s and Walmart have resumed advertising on Twitter after initial pauses, the slide said.
Under Musk, Twitter changed its business name to X Corp, reflecting the billionaire’s vision to create a “super app” like China’s WeChat, which he has said would include digital payments and other services.
Twitter is applying for “money transmitter licenses” in all 50 states, according to a slide from the presentation.
The company has also focused on growing video content on the platform. Vertical video now accounts for more than 10 per cent of time spent on Twitter, another slide said.