NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / What's happening at Twitter: From auctioning furniture to falling revenues 
    Business

    What's happening at Twitter: From auctioning furniture to falling revenues 

    What's happening at Twitter: From auctioning furniture to falling revenues 
    Written by Athik Saleh
    Jan 20, 2023, 05:52 pm 3 min read
    What's happening at Twitter: From auctioning furniture to falling revenues 
    Fourteen out of top 30 advertisers on Twitter have stopped advertising on the platform

    Twitter's dire financial condition is public knowledge now. With several advertisers leaving the platform, the company has been aggressively cutting costs. A unique solution it found to raise some money is to auction off surplus items at its San Francisco headquarters. But that may not be enough to cover the magnitude of ad revenue it lost since Elon Musk's takeover.

    Why does this story matter?

    • Twitter is bleeding money and Musk's attempts at reversing the company's fortunes are yet to bear fruit.
    • The company is nearing the first installment ($1.5 billion) of interest payment for the $13 billion debt Musk incurred to finance his acquisition.
    • Selling surplus office items only adds so much to Twitter's coffers. At least for the short term, the company needs advertising to stay afloat.

    The auction of Twitter's office supplies lasted for 27 hours

    The online auction of Twitter's "surplus corporate office assets" included items such as kitchenware, office furniture, quirky signage, a large Twitter bird statue, and over 100 boxes of KN95 masks, among others. The auction organized by Heritage Global Partners Inc. (HGP) had 631 lots and lasted for 27 hours. Most of the items, including the coveted bird statue, had a starting bid of $25.

    Twitter bird statue fetched $100,000

    As expected, the Twitter bird statue was the darling of the auction, as it fetched a whopping $100,000. The second-most expensive item was a 10-foot neon Twitter bird display that went for $40,000. A planter in the shape of an '@' sign was auctioned for $15,000. Three kegerators to store beer, a food dehydrator, and a pizza were each sold for $10,000.

    14 of 30 top advertisers on Twitter have stopped advertising

    Any discussion about Twitter's financials won't be complete without talking about its changed dynamics with advertisers. Twitter's year-over-year revenue has reportedly fallen 40% owing to a slump in advertising. According to estimates by Pathmatics for Reuters, 14 out of the top 30 advertisers on Twitter have completely stopped advertising on the platform after Musk came to the helm.

    Apple and PepsiCo have increased spending on Twitter ads

    In November and December, spending by the top 30 advertisers fell 42% to approximately $53.8 million. Among the companies that halted or reduced ad spending on Twitter are Coca-Cola, HBO, Kraft Heinz, and Target, among others. During the same time, however, six of the top 30 increased their spending on Twitter ads. This includes Apple, PepsiCo, and Amazon.

    Twitter has introduced incentives to win back advertisers

    Musk's arrival at Twitter and subsequent changes in content moderation policies have made advertisers question brand safety on the platform. The social media company has introduced a slew of incentives to win back advertisers. It has reversed the ban on political advertising and is offering companies greater control over ad positioning. There are also free ads on offer.

    Twitter Blue is finally available on Android

    Amid the exodus of advertisers and falling revenue, the microblogging platform has finally launched Twitter Blue on Android. The service costs $8 per month on the web. Just like iOS users, Android app users will have to pay $11/month. The extra $3 is to offset the fee charged by Google Play. The company has also introduced an annual plan worth $84 for web users.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Twitter
    San Francisco
    Elon Musk

    Latest

    Centre to establish three centers of excellence to boost AI Union Budget
    Ranji Trophy 2022-23, quarter-finals: Top performers on Day 2 Ranji Trophy
    Union Budget 2023-24: Key announcements for women Union Budget
    Here's how you can rock the metallic makeup look Makeup

    Twitter

    Twitter-rival Nostr's iOS client now live on App Store Jack Dorsey
    Dhanbad: 14 die in massive fire at multi-story building Dhanbad
    Nidhi Razdan quits NDTV amid main stakeholder Adani Group's downturn Adani Group
    Sanjay Dutt's Tamil debut officially confirmed with Vijay's 'Thalapathy 67' Lokesh Kanagaraj

    San Francisco

    These are the 5 most futuristic cities in the world Lifestyle
    US: Rainstorms flood California, 14 dead, mass evacuation underway California
    Landlord sues Twitter for not paying San Francisco office's rent Twitter
    Air India announces its first non-stop flight between Mumbai-San Francisco Air India

    Elon Musk

    Twitter working on payment tools to build an 'everything app' Twitter
    Elon Musk's Twitter to get fewer advertisements, ad-free subscription plan Twitter
    Falling revenue and estranged advertisers leave Twitter in a turmoil Twitter
    Twitter's woes continue: Revenue falls 40% as interest payment nears Twitter

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023