this post was submitted on 23 Oct 2023
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Most of the world's biggest advertisers have stopped buying ads on Elon Musk's X, exclusive new data shows (www.businessinsider.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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Most of the world's biggest advertisers have stopped buying ads on Elon Musk's X, exclusive new data shows::Musk and X CEO Linda Yaccarino have recently stated that most of the company's top-spending advertisers from last year have returned.

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[–] resin85@lemmy.ca 40 points 1 year ago (2 children)

Visa, for example, spent $10 in the 12 weeks to October 6, compared to $77,500 during the same period last year, according to Sensor Tower's data.

I'm no business genius like musk, but I'm gonna take a guess that wouldn't even pay the bills for the ridiculous X sign he put on the roof and then had to take down.

[–] crystalmerchant@lemmy.world 12 points 1 year ago (3 children)

Why pay the $10? If you're going to drop from 77k to 10 you might as well drop to zero, right? There must be some nuance or legalese around this that I don't understand

[–] trigonated@lemmy.world 17 points 1 year ago (1 children)

Isn't $10 the monthly subscription fee or whatever it's called? Maybe they just want to keep that checkmark besides their name.

[–] funkless_eck@sh.itjust.works 23 points 1 year ago

brand protection campaign. You run a minimal spend on every CDN on your trademarks as a method of ensuring each platform connects and protects your name back to your business entity

[–] neptune@dmv.social 10 points 1 year ago (1 children)

It's probably baked into their contract that there is a fee or other penalty for canceling. Or maybe an AI just decided $10 was slightly more optimal than 0. Or perhaps the contract period ended minutes after the billing period.

[–] blady_blah@lemmy.world 2 points 1 year ago

That seems like really low numbers. Ex-Twitter is (in theory) a multi-billion dollar company and Visa should be a "whale" of a client... $77.5k is nothing for advertising revenue. A drop in the expense budget. That's not even one software engineer. How does the company stay afloat if numbers look like that?