Is Twitter Dying? The Demise of a Social Media Giant

Elon Musk’s Acquisition of Twitter

• Elon Musk’s purchase of Twitter in 2022 marked a significant shift in the company’s direction
• Musk’s goal was to transform Twitter into a super app that encompasses a wide range of features, including video, voice calls, payments and more
• The rebranding of Twitter to X reflected Musk’s vision for an all-encompassing platform

Key Changes Under Musk’s Leadership

• Introduction of voice and video calls to enhance communication and engagement
• Implementation of a payment feature to simplify transactions and facilitate e-commerce
• Introduction of Twitter Blue, a paid subscription service that offers additional benefits to verified accounts
• Shift towards AI to streamline operations and improve user experience 
• Ad revenue sharing programme to incentivise user engagement and attract content creators
• X for Business, a subscription service tailored to businesses seeking enhanced advertising and content associations 

Impact on Marketing Strategies 

• X’s transformation into a super app may require marketers to adapt their strategies to encompass a broader range of features and formats 
• The introduction of new features like video and voice calls open up opportunities for innovative marketing campaigns 
• The payment feature could facilitate in-app purchases and enhance the e-commerce experience 
• Twitter Blue could provide access to valuable audience insights and engagement metrics
• The shift towards AI could lead to more personalised and effective advertising campaigns
• The ad revenue sharing programme could provide a new revenue stream for content creators
• X for Business could provide businesses with enhanced advertising and customer engagement tools 
• Advertising sensitivity settings could allow advertisers to tailor their campaigns to specific content categories

Uncertainty Surrounding X’s Future

• Elon Musk’s unpredictable leadership style and the platform’s ongoing changes create uncertainty for marketers
• The decline in Twitter’s user base may raise concerns about the platform’s effectiveness for reaching target audiences
• Weak brand security and the potential for exposure to inappropriate content could deter advertisers

A Comparison of Threads and X

Threads’ struggles and Twitter’s uncertain future 

Threads, a Twitter-like app, has experienced a significant decline in daily active users on Android, dropping from 49 million on July 7th to 12.6 million on 23rd July. This suggests that Threads is facing challenges in retaining users, while Elon Musk’s claim of a “new high” in Twitter user numbers at the end of July further highlights the contrasting fortunes of the two platforms. 

Marketing on X: Potential Benefits and Drawbacks

 Benefits: 

• A user base that is receptive to new discoveries and early adopters of new products
• The number one app for discovery, with over 528 million users and an average daily usage time of 30.9 minutes
• Campaign objectives that align with other social media platforms, including awareness, consideration and conversion 

Drawbacks

• The platform’s high advertising costs, even surpassing LinkedIn
• The loss of followers that has reduced effective reach
• Potential reputational risks associated with being associated with a platform and owner perceived as problematic
• Potential value clashes between businesses and X’s values

Should You Market on X?

The decision to market on X depends on various factors, including audience demographics, brand values and the platform’s evolution under Elon Musk’s leadership. For brands whose audience is actively engaged on X and whose values align with the platform, marketing on X caould be beneficial. However, for most brands, the potential drawbacks outweigh the benefits and alternative social media platforms may offer better value. 

With the ever-changing landscape of social media, it’s crucial for businesses to carefully evaluate their channel mix and make informed decisions that align with their marketing goals and brand identity.