Twitter to Emphasize Video and Commerce in Business Restructuring – Investor Presentation
According to an investor presentation reviewed by Reuters, Twitter’s owner Elon Musk and new Chief Executive Linda Yaccarino plan to revitalize the social media company’s business beyond digital advertising by prioritizing video, creator, and commerce partnerships.
Yaccarino, who started as CEO on June 5, told Twitter investors on Thursday that the company is in early discussions with political and entertainment figures, payment services and news and media publishers about possible partnerships, a source familiar with the matter said. anonymously to discuss the private investor call.
The presentation was Yaccarino’s first time addressing the company’s investors, the source said.
After Musk bought Twitter in October, the social media company faced months of chaos, including the layoffs of thousands of employees, criticism of lax content controls and the expulsion of many advertisers who did not want their ads to appear next to inappropriate content.
Musk’s hiring of Yaccarino, a longtime advertising executive who modernized ad sales at Comcast-owned entertainment and news group NBCUniversal, signaled that digital ads remained a priority for Twitter.
Some ad-buying companies had advised their clients to suspend advertising spending on Twitter after Musk’s takeover. Those recommendations have been reversed, and none of the major advertising holding companies currently recommend a break, according to a slide shown during the presentation.
Well-known brands such as Warner Bros, Mondelez, McDonald’s and Walmart have continued to advertise on Twitter after the initial hiatus, the slide says.
Yaccarino told investors that ad spending is now at least 40 percent higher than a year earlier for several advertisers, including health care, consumer packaged goods and financial services, the source said.
A Twitter executive declined to comment.
VIDEO AND SHOP
Under Musk, Twitter changed its corporate name to X Corp., reflecting the billionaire’s vision to create a “super app” like China’s WeChat, which he has said will include digital payments and other services.
Twitter is applying for “money transmission licenses” in all 50 US states, according to a slide from the presentation.
The company is also focused on growing video content on the platform. Vertical videos now account for more than 10% of time spent on Twitter, another slide said.
Former Fox News anchor Tucker Carlson launched a new show earlier this month on the platform called “Tucker on Twitter.”
Twitter envisions that it could sell ads and sponsorships alongside videos from Carlson and other content creators, the source said.
Yaccarino has also told colleagues in recent days that Musk has expressed strong support for his ideas and the working relationship is off to a positive start, the source added.
