Twitter offers new incentive for advertisers to return on platform
San Francisco : Fighting hard to stay afloat, Twitter has now offered a new incentive to skeptical advertisers where the micro-blogging platform will match advertisers’ ad spending up to $250,000.
According to a report in The Wall Street Journal, the platform, acquitted by Elon Musk for $44 billion, is “dangling free ad space by offering to match advertisers’ ad spending up to $250,000.”
“The full $500,000 in advertising must run by February 28,a the report mentioned, citing internal emails. In December, Twitter had announced another freebie as $500,000 in free ads in exchange for spending $500,000 on the platform.
The company is struggling to woo advertisers back on its platform, who paused spending after Musk took over and announced several controversial moves. In November, Musk lost half of the top 100 advertisers on Twitter in less than a month after the billionaire took office.
According to Media Matters in America, 50 of the top 100 advertisers have spent nearly $2 billion on the platform since 2020, and more than $750 million on advertising in 2022 alone.
The report followed a number of large companies that could be considered “quiet quitters” that are slowly pulling ad spending from social platforms. The micro-blogging platform recently announced it is planning to “expand” the political advertising it allows “in the coming weeks.”
The platform made the announcement from its Twitter Safety account, saying that it is relaxing ads policy for cause-based ads in the U.S. “We also plan to expand the political advertising we permit in the coming weeks,” it added.