Well the Doc opened up the old mailbag today and here’s what poured out.
Dear Dr. Ads,
There I was, minding my own business and reading Joe Mandese’s MediaPost column, when I came across this item about Twitter, consumer brands, and public opinion.
While its new owner Elon Musk has blamed pressure groups — as well as advertisers themselves — for discontinuing advertising on Twitter, half of American consumers believe it was the right thing to do since he acquired the company and began making it an even more toxic place for brand marketers and consumers alike.
According to a survey of 500 U.S. adults fielded by Pollfish on Tuesday, 49% agree with the decisions of big brands to halt their Twitter ad spending, while 27% said they do not agree with their decision and 24% said they’re not sure.
Seeing as how Twitter has normally gotten about 90% of its revenue from ad sales, that’s gotta leave a mark, eh Doc?
– Tweet Dreams
Yeah, that survey just adds insult to (financial) injury.
Start with Musk’s whining about activist groups pressuring advertisers to ghost Twitter. As CNBC’s Lora Kolodny and Jonathan Vanian have reported, Musk claims that a coalition of activist groups “broke an agreement with him by encouraging companies to halt advertising on Twitter.”
Here’s the dispute in a nutshell, compliments of Patrick W. Watson.
As the CNBC piece noted, those activist groups actively disagree.
Derrick Johnson, CEO of the National Association for the Advancement of Colored People, said in response to Musk’s claims on Tuesday that the civil rights groups “would never make such a deal” and that “Democracy always comes first.”
“The decisions being made at Twitter are dangerous, and it is our duty, as it has been since our founding, to speak out against threats to our democracy,” Johnson said. “Hate speech and violent conspiracies can have no safe harbor.”
So there’s that.
And then there’s this, according to NPR’s Halisia Hubbard.
Twitter has lost 50 of its top 100 advertisers since Elon Musk took over, report says
Half of Twitter’s top 100 advertisers appear to no longer be advertising on the website. A report from Media Matters for America states that these 50 advertisers have spent almost $2 billion on Twitter ads since 2020 and more than $750 million just in 2022.
Seven additional advertisers have slowed their advertising to almost nothing, according to the report, which was published on Tuesday. These companies have paid Twitter more than $255 million since 2020.
Vox Populi, Vox Dei: Musk Won’t Own Twitter Much Longer
If the voice of the people really is the voice of God — as Elon Musk keeps tweeting — then he won’t own Twitter much longer.
According to a survey conducted by Pollfish for MediaPost on Tuesday, most American adults do not believe Musk will even own Twitter more than a year.
While a third believe he will own the social media platform a year or more, most consumers believe it will only be “a few months” or “until something else catches his fancy.”
So, will Musk and Twitter crash and burn?
Maybe even prob-a-bool.