Platform X (Twitter), owned by Elon Musk, in 2023 showed a much worse result in terms of attracting advertising funds than in the previous year.
This is reported by Bloomberg with reference to its own sources.
X received just over USD 600 million in ad revenue in each of the first three quarters of the year this year and expects similar numbers in the current period, according to the publication's sources. By comparison, advertising revenue was over USD 1 billion each quarter last year.
"Ad sales now account for 70 to 75% of X's total revenue," Bloomberg reported.
According to one of the publication's sources, X executives originally planned to get USD 3 billion in advertising and subscription revenue in 2023, but they failed to do so.
At the same time, X says that things are not so bad at the company, despite the fact that they stopped reporting public financial data after the takeover by Musk in October 2022.
"It gives an incomplete picture of our entire business because the sources you rely on for information don't provide accurate and comprehensive details," said X's head of business operations, Joe Benarroch, adding that X no longer measures performance by metrics income
"We are no longer Twitter, and we no longer measure ourselves by Twitter's old metrics – both revenue and user metrics," Benarroch said.
As earlier reported, Disney and a number of other major companies stopped advertising on X after Elon Musk publicly endorsed an anti-Semitic conspiracy theory popular among racists. X was also accused of opaque moderation and propaganda of marginal ideas and values. Elon Musk publicly lashed out at such companies but later admitted that an advertising boycott could destroy his platform.
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