In a bold move to boost ad revenue on X, the social networking platform formerly known as Twitter, Elon Musk has unveiled significant discounts for select marketers in the U.S. and UK. For a limited time until July 31, advertisers can save up to 50% on new bookings, making it a compelling opportunity for businesses to leverage the platform for their advertising campaigns.
X’s decision to introduce these promotional discounts comes with the goal of increasing reach for marketers during high-traffic periods, such as the Women’s World Cup, according to an email seen by the Wall Street Journal. This strategy seeks to rekindle interest among marketers who might have scaled back their efforts on the platform or those who have yet to explore its advertising potential.
The reduced financial risk makes X an appealing option for businesses looking to diversify their advertising strategy. With approximately 450 million daily active users worldwide, the platform offers substantial reach potential, opening doors to connect with previously untapped audiences and potentially improving return on investment (ROI).
The discounted ad prices apply to select marketers running video ads alongside trending topics in X’s ‘Explore’ tab. These ads secure a 24-hour prime placement at the top of X’s trending topics list, providing brands with enhanced visibility during critical moments. Notably, the promotional period aims to coincide with the Women’s World Cup, presenting a strategic opportunity for advertisers to align their campaigns with the highly-watched event.
However, X has laid out some conditions for advertisers to enjoy these discounts fully. Brands must adhere to minimum spending thresholds to maintain their verified status. By August 7, brands are expected to have spent at least $1,000 on ads in the previous 30 days and $6,000 on ads in the previous 180 days. Failure to meet these thresholds could result in the loss of verified status, leaving brands vulnerable to impersonation attacks that can significantly impact their reputation.
Twitter, now known as X after the rebranding, has experienced a 59% decline in ad revenue following the departure of big-spending advertisers after Elon Musk took over the platform. This decline has affected the entire advertising industry, but X has been more severely impacted, with many marketers expressing reluctance to invest in its ad space under Musk’s leadership.
In an effort to reverse this trend and make X cash flow positive again by Q3 2023, Elon Musk is resorting to these sizable discounts to attract advertisers back to the platform. By enticing marketers with appealing rates during this pivotal moment, X hopes to rebuild advertiser confidence and stimulate its ad revenue growth.
For advertisers interested in delving deeper into X’s ad pricing policies and the terms and conditions of these discounts, it’s recommended to explore X’s official Ad Pricing policy for comprehensive information. As the platform continues its rebranding journey, advertisers can seize this opportunity to tap into X’s potential audience and revitalize their advertising strategies.