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Twitter to focus on video, commerce in business revamp

CNA – Twitter plans to focus on video, creator and commerce partnerships to revitalise the social media company’s business beyond digital advertising, according to an investor presentation by owner Elon Musk (pic below) and new Chief Executive Officer (CEO) Linda Yaccarino that was reviewed media.

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

After Musk acquired Twitter in October, the social media firm faced months of chaos, including an exodus of many advertisers who did not want their ads appearing next to inappropriate content.

Musk’s hiring of Yaccarino, a longtime advertising executive who modernised ad sales at Comcast-owned entertainment and news conglomerate NBCUniversal, was a signal that digital ads remained a priority for Twitter.

Some ad-buying firms had recommended their clients pause ad spending on Twitter after Musk’s takeover. Those recommendations have been reversed, according to a slide shown during the presentation. Well-known brands including Warner Bros, Mondelez and McDonald’s have resumed advertising on Twitter after initial pauses, the slide said.

PHOTO: AFP

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

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

Twitter is applying for “money transmitter licences” in all 50 American states, according to a slide from the presentation.

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

Twitter envisions that it could sell ads and sponsorships alongside videos from Carlson and other content creators, the source said.

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