https://sputnikglobe.com/20231026/musks-first-year-sees-x-usage-plummet---but-trends-may-soon-change-1114512865.html
Musk's First Year Sees X Usage Plummet - But Trends May Soon Change
Musk's First Year Sees X Usage Plummet - But Trends May Soon Change
Sputnik International
New data provided by US media indicates that despite high expectations, Musk's leadership still struggles to rejuvenate X's popularity and value.
2023-10-26T22:21+0000
2023-10-26T22:21+0000
2023-10-26T22:21+0000
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The deal that placed Elon Musk at the helm of X was initially met with high hopes that his vision and track record would elevate the platform's worth; however, new data has revealed the platform has reported disappointing user and advertising revenue figures.Monthly active users dropped by 14.8% globally and 17.8% in the US in September. The daily average time spent per user fell by 2%, and sessions dipped by 4% in the third quarter of 2023. Additionally the amount of those who stopped using the app, rose by over 30% in September 2023.Engagement metrics have plummeted across the board, with a 38% decrease in global app downloads between October 2022 and September 2023.At the same time, major equity backer Fidelity held Twitter at a discount of 61.43% through August, with banks expected to take a 15% discount on debt they've been unable to offload.Despite traffic to Musk's personal profile surging by 96% year-over-year in September, the businessman acknowledged a 60% decline in the company's US ad business. Western media suggest that due to the world's largest advertisers halting advertising on X, its ad system will generate $2.9 billion this year, down from around $4.14 billion in 2022.The industry is closely watching the introduction of new products under Musk's leadership, with the alleged aim of creating a "super app." However, tensions between Musk and the media and regulators are compounding scrutiny surrounding the platform.
https://sputnikglobe.com/20231020/musk-loses-16bln-overnight-as-tesla-shares-tank-9-after-lackluster-q3-results---bbi-1114347499.html
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Musk's First Year Sees X Usage Plummet - But Trends May Soon Change
After months of back and forth, the South African tech entrepreneur officially closed on his purchase of Twitter, since redesigned as X, in October 2022 to the tune of $44 billion. The purchase came after months of lawsuits, verbal digs and courtroom showdown.
The deal that placed Elon Musk at the helm of X was initially met with high hopes that his vision and track record would
elevate the platform's worth; however, new data has revealed the platform has reported disappointing user and advertising revenue figures.
Monthly active users dropped by 14.8% globally and 17.8% in the US in September. The daily average time spent per user fell by 2%, and sessions dipped by 4% in the third quarter of 2023. Additionally the amount of those who stopped using the app, rose by over 30% in September 2023.
20 October 2023, 09:16 GMT
Engagement metrics have plummeted across the board, with a 38% decrease in global app downloads between October 2022 and September 2023.
At the same time, major equity backer Fidelity held Twitter at a discount of 61.43% through August, with banks expected to take a 15% discount on debt they've been unable to offload.
Despite traffic to Musk's personal profile surging by 96% year-over-year in September, the businessman acknowledged a 60% decline in the company's US ad business. Western media suggest that due to the world's largest advertisers halting advertising on X, its ad system will generate $2.9 billion this year, down from around $4.14 billion in 2022.
While other social networks have also seen decreases in usage and engagement, X's situation appears more dire.
Global traffic to the top 100 social networks dipped by 3.7% year-over-year in September, whereas TikTok experienced a 22.8% spike in global web traffic during the same period.
The industry is closely watching the introduction of new products under Musk's leadership, with the alleged aim of creating a "super app." However,
tensions between Musk and the
media and regulators are compounding scrutiny surrounding the platform.
