In an investor presentation reviewed by Reuters, Twitter’s owner Elon Musk and newly appointed Chief Executive Linda Yaccarino shared the company’s strategy to prioritize video, creator, and commerce partnerships as part of its efforts to reinvigorate the social media platform’s business.
Yaccarino, who assumed the role of CEO on June 5, addressed Twitter investors on Thursday, disclosing that the company is engaging in early conversations with political and entertainment figures, payments services, and news and media publishers regarding potential partnerships. A source familiar with the matter, speaking on the condition of anonymity, revealed these details from a private investor call.
This presentation marked Yaccarino’s first interaction with the company’s investors, signaling her commitment to steering Twitter in a new direction.
Since Musk’s acquisition of Twitter in October, the social media platform has experienced a period of turmoil, including layoffs, criticism over content moderation practices, and the departure of numerous advertisers concerned about brand safety. Musk’s hiring of Yaccarino, a seasoned advertising executive who transformed ad sales at Comcast-owned NBCUniversal, underscored the importance of digital ads for Twitter’s future.
Previously, some ad-buying firms had advised their clients to pause ad spending on Twitter following Musk’s takeover. However, during the investor presentation, a slide indicated that these recommendations have been reversed, and major advertising holding companies no longer advise a pause. Prominent brands like Warner Bros, Mondelez, McDonald’s, and Walmart have resumed advertising on Twitter after initial pauses, according to the slide.
Yaccarino also shared positive news with investors, revealing that ad spending in several advertiser categories has increased by at least 40% year-over-year. Notably, the health, consumer packaged goods, and financial services sectors have witnessed significant growth, according to the source.
Under Musk’s leadership, Twitter rebranded as X, reflecting his ambition to create a “super app” similar to China’s WeChat, which would incorporate digital payments and other services. As part of this vision, Twitter is in the process of applying for “money transmitter licenses” in all 50 US states, as disclosed in a slide from the presentation.
Additionally, Twitter has been actively cultivating video content on its platform. The presentation highlighted that vertical video now accounts for more than 10 percent of time spent on Twitter. In a notable move, former Fox News host Tucker Carlson recently launched a new show on the platform titled “Tucker on Twitter.” The company envisions the possibility of selling ads and sponsorships alongside videos from Carlson and other content creators, the source revealed.
In recent days, Yaccarino has expressed satisfaction with the support she has received from Musk, who has shown enthusiasm for her ideas. This positive working relationship bodes well for the future of Twitter under Yaccarino’s leadership, the source added.
As Twitter takes decisive steps to leverage strategic partnerships and expand its offerings, users and investors await the platform’s transformation, eager to see how these initiatives will shape the future of the social media giant.