NEW YORK/LONDON : Top advertisers on Twitter slashed their spending after Elon Musk's takeover, according to estimates compiled for Reuters by research firm Pathmatics, in the latest shock to the company's dominant revenue source.Fourteen of the top 30 advertisers on Twitter stopped all advertising on the
NEW YORK/LONDON : Top advertisers on Twitter slashed their spending after Elon Musk's takeover, according to estimates compiled for Reuters by research firm Pathmatics, in the latest shock to the company's dominant revenue source.
But the company said those estimates do not account for deals advertisers may receive from Twitter, or promoted trends and accounts."It is possible the spending data could be higher for some brands" if Twitter is offering incentives, Pathmatics said in an email.In a November event on Twitter Spaces, Musk, addressing the issue of companies pausing ads, said that he understands if advertisers"want to give it a minute.
Forward bookings, or agreements to lock in future ads, were also down for January and February, according to research firm Standard Media Index, which did not provide details. Coca-Cola Co halted spending in mid November, after purchasing an estimated $1.1 million in Twitter ads earlier that month, while HBO spending collapsed to approximately $38,000 in December from roughly $1.1 million in November, Pathmatics found.
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