Twitter, under the guidance of new CEO Linda Yaccarino, is rejuvenating its business model beyond digital advertising, maneuvering to take on established players like Amazon.com Inc's AMZN Twitch, Rumble Inc RUM, Alphabet Inc's GOOG GOOGL YouTube, and TikTok.
What Happened: The social media giant’s new strategy focuses on video, creators, and commerce partnerships, according to Reuters, which viewed an investor presentation by Elon Musk and Yaccarino.
Since her June appointment, Yaccarino has been stoking the interests of Twitter investors, speaking with figures in politics and entertainment, payment services, and the media industry.
The revamp strategy speaks to Twitter’s intent to expand its revenue streams and strengthen its position in the competitive social media landscape.
Emphasis on video content is apparent, with former Fox Corp FOXA FOXB prime-time anchor Tucker Carlson migrating his show to the platform after being ousted by the Rupert Murdoch-owned network.
Read also: Elon Musk’s Twitter To Pay Verified Users For Ads In Replies: Here’s How You Can Earn
Why It Matters: As part of its pro-creator pivot, Twitter in May rebranded its Twitter Media website into “Twitter Create.”
With sections catering to sports, gaming, news, podcasters, and writers, among others, “Twitter Create” tailors content to its user base, according to the company.
Despite an initial loss of advertisers following Musk’s acquisition of Twitter in October 2022 and subsequent cost-cutting measures that included extensive layoffs, none of the major advertising holding companies recommend pausing ad expenditure on Twitter, according to the Reuters report.
Notable brands including Warner Bros Discovery Inc WBD, Mondelez, McDonald’s Corp MCD, and Walmart Inc WMT have returned to advertising on the platform, the report said.
Twitter’s revitalized strategy appears to signal a new era for the platform, one characterized by intensified competition with other social media giants.
Read next: Twitter 2.0: New CEO Linda Yaccarino Praises Elon Musk’s Transformation Of Space Exploration And EVs
Photo: Shutterstock and World Economic Forum on Flickr
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