Twitter to focus on video and commerce in business revamp


Well-known brands including Warner Bros, Mondelez, McDonald’s and Walmart have resumed advertising on Twitter after initial pauses

Our Bureau
Los Angeles, CA

Twitter has some major plans to revitalize the company’s business beyond digital advertising. According to an investor presentation by owner Elon Musk and new Chief Executive Linda Yaccarino, Twitter is likely to focus on video, creator and commerce partnerships, New York Post reported, citing Reuters. Yaccarino, who became the company’s new CEO on June 5, recently told Twitter investors that the company is in early conversations with political and entertainment figures, payments services and news and media publishers, said a source familiar with the matter, who spoke on condition of anonymity to discuss a private investor call.

The presentation marks Yaccarino’s first meeting with the company’s investors.
After Musk acquired Twitter in October, the social media firm faced months of chaos, including layoffs of thousands of employees, criticism over lax content moderation, and an exodus of many advertisers who did not want their ads appearing next to inappropriate content.

Some ad-buying firms had recommended their clients pause ad spending on Twitter after Musk’s takeover. Those recommendations have been reversed and none of the major advertising holding companies are currently recommending a pause, according to a slide shown during the presentation.

Well-known brands including Warner Bros, Mondelez, McDonald’s and Walmart have resumed advertising on Twitter after initial pauses, the slide 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 licenses” in all 50 states, according to a slide from the presentation. The company has also focused on growing video content on the platform. Vertical video now accounts for more than 10 per cent of time spent on Twitter, another slide said.

Earlier, Twitter had announced that the verified members of the microblogging site will now be able to upload 2-hour long videos. Taking to Twitter, Musk wrote, “Twitter Blue Verified subscribers can now upload 2-hour videos (8GB)!”

According to TechCrunch, a US-based Tech portal, Twitter has made changes to its paid plan and has expanded the previous 60-minute limit to two hours. The company also modified its Twitter Blue page and said the video file size limit for paid users is now increased from 2GB to 8GB. While earlier longer video upload was only possible from the web, now it’s also possible through the iOS app. Despite these changes, the maximum quality for upload still remains 1080p, reported TechCrunch.
Soon after Musk announced the news, several social media users swamped the comment section and shared their reactions.

Musk who bought Twitter for USD 44 billion last year will continue to retain a firm grip on the company and will focus on product design and new technology.
He recently announced adding another update to Twitter allowing its verified users to have early access to encrypted messaging service.

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