According to media reports, Twitter said that it will be offering free advertisements to brands that advertise on its platform as it attempts to lure brands back onto its platform following a massive drop in its ad business. The platform is offering to match advertiser’s ad spending up to US $250,000, according to emails that were seen by The Wall Street Journal where the news was first reported. It was revealed in the emails that the full US$500,000 in advertising must run by February 28.
Twitter’s latest initiative comes as the social media site sees the loss of many top advertisers that has contributed to the company bleeding over US$4 million a day, according to a tweet by Musk in November last year. Musk was explaining why the company is undergoing massive layoffs globally, the likes of which have already reached Singapore’s shores with deeper cuts, particularly on the company’s trust and safety team handling global content moderation being reported just last week.
Twitter Singapore also asked its staff members in the Singapore office to vacate the building as of Wednesday night last week after issues with rent payments. Bloomberg reported that Twitter staff in Singapore were asked to vacate via email, and resume work remotely from Thursday. The report added that Singapore-based staff have been reassigned as remote workers within the internal systems in Twitter.
Twitter getting its advertisers back is extremely important if the brand hopes to stay afloat as almost 90% of Twitter’s US$5.1 billion in revenue in 2021 came from ads, according to The Wall Street Journal. Since Musk's takeover, major brands such as Balenciaga, Audi, Apple, Macy's and more have pulled their ads off the platform.
In order for a brand to enjoy Twitter’s latest incentive, it must use certain Twitter products such as its recently released keyword-avoidance tool. This handy system allows advertisers to create a list of up to 1,000 keywords in order to avoid having their ads appear above or below tweets containing those words.
MARKETING-INTERACTIVE has reached out to Twitter for a comment.
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