The acquisition of Twitter by Elon Musk has encountered several hurdles since its inception, and despite the billionaire’s ambitious plans for the now-rebranded “X” app, the numbers have yet to add up in its favor.Thank you for reading this post, don't forget to subscribe!
According to third-party data, X is struggling to entice users and reinvigorate its advertising business after experiencing a significant decline in revenue following Musk’s acquisition. However, there is a contrasting trend with Snapchat, the social app renowned for its disappearing messages, which is experiencing a notable increase in its user base.
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In August, Musk shared on Twitter that Twitter previously had 237.8 million active users. According to The Wall Street Journal, Time publicly released its financial results.
However, during Musk’s leadership, X has also witnessed a decline of approximately 15 million users. An analysis conducted by research firm Sensor Tower indicates that the app’s daily active users via mobile apps experienced a 16% decrease in September compared to the month preceding Musk’s assumption of control.
Furthermore, The Wall Street Journal revealed that advertising…
Based on Sensor Tower data, X had an average of 183 million daily active users in September, while Threads had 10 million users, and Snapchat had a whopping 385 million users. That’s correct: Snapchat, founded in 2011 and once proclaimed “dead” by prominent publications in 2018, is currently undergoing revenue and user growth. The platform is attempting to engage its users in making in-app purchases, such as clothing and concert tickets, as Quartz reported last year.
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Snap, the parent company of Snapchat, announced better-than-expected results for the third quarter with a revenue of $1.19 billion, a 5% increase, and a net loss of $368 million, equivalent to 23 cents per share, as reported by Diversity.