Since Elon Musk bought Twitter for $44 billion, the social media giant has been bleeding advertisers. The Wall Street Journal reports that Twitter is trying to win back business by offering free advertising space.
The WSJ cites emails it reviewed in which Twitter said it would match ad spend to the tune of $250,000, with the catch that the full half-million dollars worth of ads would run by the end of February.
While Twitter has yet to respond, the deal is consistent with other efforts to boost ad revenue on the platform. Here’s more from WSJ:
The incentives are the company’s latest effort to get brands to spend money on its platform. Recently, Twitter offered advertisers $500,000 in free advertising as long as they spend a minimum of $500,000.
Ad buyers said the incentive could be used to buy promoted tweets that run during Super Bowl week, a major sales period for Twitter. Advertisers have flocked to Twitter during the Super Bowl in recent years to generate buzz around their big game marketing efforts. The Super Bowl is Twitter’s highest-grossing day of the year, The Journal reports.
Twitter started losing money shortly after Musk took over. Back in November, Musk stated that the company was losing millions every day as advertisers expressed concerns about changes in the site’s moderation and the nature of content Musk would allow on the platform.
Companies interested in the new fundraising promotion will need to use Twitter’s tools, including a feature that allows advertisers to build keyword lists that buffer between ads and unwanted tweets.
As the Wall Street Journal notes that persuading advertisers to return is vital, as most of Twitter’s revenue in 2021 — $5.1 billion — came from advertising.
