On the One-Year Anniversary of Elon Musk’s Acquisition and Rebranding of Twitter as “X”, What is the Real State of X?

27 October, 2023 - 4:40 pm (35 days ago)
1 min read

In the midst of celebrating its first year since Elon Musk’s acquisition and subsequent rebranding of Twitter to “X,” the social media company released numbers about its performance, with CEO Linda Yaccarino taking the lead in relaying this information.

The Numbers Speak, but Do They Tell the Whole Story?

Despite Yaccarino’s claims that X has over half a billion monthly active users, third-party data sources including SimilarWeb and Apptopia have raised eyebrows. While Yaccarino states the platform is boasting over 500 million monthly active users, other analyses suggest this number could be closer to 378 million or even as low as 223 million.

Engagement metrics, too, have been a topic of debate. While the CEO suggests users spend an average of 32 minutes per day on X, other numbers indicate it might be closer to 30.8 minutes.

Revenue from Advertisements: A Rosy Picture?

Contrary to the company’s positive portrayal of advertising revenue, outside sources including Reuters have reported a decline in ad revenue for the platform. X claims a return of its major ad partners, but Ebiquity, which collaborates with some of the world’s largest spending brands, indicates only a fraction of its clients have resumed their X ad campaigns. X’s recent partnership with Google Ads also hints at potential challenges in filling advertisement slots.

User Behavior and New Features

Transitioning from the traditional Twitter model, X reports the publishing of 150,000 new long-form posts daily. While this significant change could suggest a shift in user preferences, the definition of what constitutes a “long-form post” remains unclear.

Another noteworthy mention is the behavior of X’s premium subscribers. They reportedly spend three times as much time on the platform compared to non-subscribers, potentially skewing the average user engagement time.

Looking forward, Yaccarino has highlighted the upcoming addition of full-screen, vertical video ads within X’s immersive playback mode. This feature is especially popular among Gen Z users, with 100 million individuals engaging with this content daily.

Financial Implications and Valuations

Outside financial perspectives have cast shadows over X’s claims. With banks anticipating significant losses and Fidelity slashing X’s valuation by two-thirds, there are concerns about the platform’s true worth.

In the whirlwind of statistics, claims, and third-party analyses, discerning the true state of X remains challenging. While the platform’s own reports are inevitably optimistic, external analyses consistently offer a more cautious perspective. The coming years will truly determine if X can maintain its promised trajectory or if it will face the challenges these contradictions hint at.

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Bilgesu Erdem

tech and internet savvy, cat lover.

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