With the one-year anniversary of Elon Musk’s taking over X, formerly Twitter, approaching, a report revealed the drastic decline in ad revenue the platform has endured since the Telsea CEO’s takeover on October 27, 2022.
According to data compiled by Guideline from actual invoiced media buys processed by significant agency holding companies and independent media agencies, Twitter/X’s share of U.S. ad spending has decreased to 5 percent.
This significantly declined from the 12 percent it held before Musk’s tenure. Although the analysis doesn’t give exact figures, it confirms that Twitter’s ad revenues have fallen by over 50 percent under Musk’s leadership.
Guideline’s data reflects big national brands and may not depict the ad spending patterns of small and medium-sized businesses.
X has experienced the most significant decrease in social media ad spending from major U.S. advertisers and agencies. Still, the trend data reveals interesting overall share patterns, including the rise of TikTok as a social media advertising source.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
