A new report has revealed that advertising revenue continues to decline Chirping. The company is trying to keep advertisers after Elon Musk’s $44 billion takeover.
According to Platform, Twitter has seen a significant decrease in ad bookings on the platform, as advertisers backed out after tweets became an inappropriate or untrusted venue.
The report added that ad revenue on the platform was down 15% year over year. Weekly bookings are also down 49% in Europe, the Middle East and Africa.
By all accounts, this is a disaster for Twitter, which generates most of its revenue from advertising. He needs ad revenue to keep the company afloat as he tries to transition to subscriptions.
The news comes as the world’s richest man is at war with the iPhone maker. After Apple stopped its advertising activity on Twitter. Apple threatens to remove Twitter from its store due to content moderation.
The platform also reported that analysts found $15.7 million on Oct. 31. Coming from advertisers based in Europe, the Middle East and Africa they were already at risk. Because of Elon Musk’s policies and reckless decisions that turned the site into a complete disaster.
It didn’t stop there, as major Twitter advertisers including Chevrolet, Ford, and Chipotle suspended their ads on the platform. Because they see Twitter as a bad place for any brand right now.
Interestingly, Elon Musk fired half of Twitter’s workforce after buying the site for $44 billion. He also tried to act quickly without delaying or analyzing the situation. But that backfired on him and on the site in a bad way.
Finally, Musk needs to reset the position of the tweets again to restore the ads and generate revenue. As well as the account verification service, which will bring more revenue to the platform.