June 19, 2023
Elon Musk and newly appointed Twitter Chief Executive Linda Yaccarino have outlined the company’s plans to revive its business beyond digital advertising in a private investor call.
According to Reuters, Yaccarino informed investors about the company’s early discussions with political and entertainment figures, payments services, and news and media publishers regarding potential partnerships. She also said that ad-buying firms had reversed their recommendation to pause ad spending on Twitter after Musk’s takeover.
Musk’s hiring of Yaccarino, a seasoned advertising executive, indicated that digital ads remained a priority for Twitter. However, the company is also looking to expand into other areas, such as payments and video content. Before Yaccarino, Twitter rebranded as X Corp., aligning with Musk’s vision of creating a “super app,” and is now seeking “money transmitter licenses” in all 50 U.S. states.
Twitter has also focused on expanding its video content, with vertical videos accounting for over 10% of total time spent on the platform. As part of this strategy, former Fox News host Tucker Carlson recently launched a show on Twitter called “Tucker on Twitter.” Twitter envisions the potential to sell ads and sponsorships alongside content from Carlson and other creators.
The sources for this piece include an article in Reuters.
