Twitter to focus on video, commerce in business revamp

Twitter plans to focus on video, creator and commerce partnerships to revitalize the social media company’s business beyond digital advertising, according to an investor presentation by owner Elon Musk and new CEO Linda Iaccarino reviewed by Reuters.

Yaccarino, who took over as CEO on June 5, told Twitter investors Thursday that the company is in early talks with political and entertainment figures, payments services and news and media publishers about potential partnerships, said a source familiar with the matter, who spoke on the condition of anonymity. To discuss a private investor call.

The source said the presentation is the first time Yaccarino has addressed the company’s investors.

After Musk acquired Twitter in October, the social media company faced months of chaos, including thousands of layoffs, criticism over lax content moderation, and an exodus of several advertisers who didn’t want their ads to appear alongside inappropriate content.

Musk hired Yaccarino, a longtime advertising executive who has updated ad sales at ComcastThe NBCUniversal-owned entertainment and news group was a sign that digital advertising remained a priority for Twitter.

Some ad-buying companies have recommended their clients pause ad spending on Twitter following Musk’s acquisition. Those recommendations have been reversed and none of the major advertising companies have recommended pausing them, according to the slide shown during the presentation.

Well-known brands incl Warner BrosAnd MondelezAnd McDonald‘sand Walmart They resumed advertising on Twitter after initial pauses, Slide said.

The source said Yaccarino told investors that ad spending in several advertiser categories is now up at least 40% year-over-year, including health, consumer packaged goods and financial services.

A Twitter executive declined to comment.

video and trade

Under Musk, Twitter changed its business name to X Corp. , reflecting the billionaire’s vision of creating a “super app”, like China’s WeChat, he said would include digital payments and other services.

Twitter is applying for “money sending licenses” in all 50 US states, according to a slide from the presentation.

The company has also focused on increasing the video content on the platform. Another slide said that vertical video now accounts for more than 10% of the time spent on Twitter.

Former Fox News host Tucker Carlson launched a new show earlier this month on the platform called “Tucker on Twitter.”

The source said Twitter envisions it can sell ads and sponsorships along with videos from Carlson and other content creators.

The source added that Iaccarino has told her colleagues in recent days that Musk has expressed strong support for her ideas and that the working relationship is off to a positive start.