This was the year that Twitter was randomly rebranded ‘X’, after the platform was purchased by Elon Musk in 2022, and it feels like it’s lost its way a bit since.
Apparently, more than 30 million users have left since the takeover, but X still has 666 million active users and generated $4.4 billion in revenue in 2022.
Further trouble may be brewing though, with recent reports from the New York Times suggesting some big advertisers could be on the verge of halting their ads – to the tune of $75 million – following concerns over a post by Musk.
There are many more social platforms to engage with and advertise on now than when Twitter first started almost 20 years (!) ago, which makes it easier for businesses to move away from a brand they no longer agree with. This is also a lesson in the importance of branding and reputation, but that’s a topic for another day.
We’ll have to see how the saga continues in 2024, but we think anyone who invests time, effort and especially money, into X, will almost certainly be re-evaluating their strategies.
Not one to let an opportunity pass, it seemed Meta was ready to capitalise on the troubles at Twitter with its launch of Threads. This new app came on the scene with a bang in July, but has the spark already fizzled out?
Linked to Instagram accounts, the microblogging site is home to short posts with links, photos and videos and had a reported 49 million daily active users within a record-breaking period of a couple of days.
That apparently dropped though to 10 million active daily users by August, suggesting many millions had a look, but maybe weren’t that impressed with what they found? Or perhaps it will be a grower. Either way, time will tell.
What it means for social media
It’s felt like social media has been a bit all over the place this year, but the key thing to note is that billions of people are still using it and that as a whole, it’s still growing and still an important part of the marketing mix.
What we’re seeing is more like an evolution, as everyone figures out how to adapt and survive in a busier market with more players and where more personalised customer content seems to be taking a bigger role alongside more traditional paid advertising channels.