In a turn of events that has stunned industry observers and critics alike, Twitter, now rebranded as '𝕏', stands at the cusp of profitability, barely recognizable from the company that once hemorrhaged $221 million annually.
CEO Linda Yaccarino's recent announcement heralded the company's near break-even status, and given its trajectory, profitability by early 2024 is not just a projection but a palpable reality.
X Marks the Spot: Transformation Post-Musk's Takeover
When Elon Musk stepped into the foray, the platform was bleeding money.
The turnaround, however, was swift:
- Restructuring the Team: Controversially, Musk let go of a majority of the staff and shut down what was referred to as the 'censorship machines'
- A Revamp of Features: The verification badge underwent a transformation.
But more significantly, Musk introduced monetization features, enabling creators to earn a livelihood without fearing censorship.
- Promoting Citizen Journalism: By rebranding the company, a tidal wave of citizen journalism was initiated, making news more organic and user-driven.
- Innovation at its Finest: Over 100 products have been launched since Musk took the reins.
The Numbers Speak for Themselves
The metrics underscore the success of these changes:
- App usage has skyrocketed with 550 million monthly active users and 250 million daily enthusiasts.
- Video views have approximately doubled in the past year.
- Sports content viewership has soared: NFL views increased by 35%, F1 by 80%, US Open by a staggering 143%, and College Football by 93%.
- Notably, social media giants Instagram and Reddit found inspiration in X’s features, introducing similar verification and monetization tools.
- Moreover, Yaccarino pointed out that “from an Operating Cash Flow perspective, X is at breakeven.
90% of the top 100 advertisers have made their comeback to the platform. Just in the recent 12 weeks, around 1,500 have returned”.
Media's Dubious Stance
Yet, the journey hasn't been without its critics. Media outlets have taken swipes at both 𝕏 and Musk, with headlines such as "Elon Musk wants a second chance to fail at X" by The Verge and "Twitter Glitches Pile Up as Key Features Fail" from the New York Times.
The consensus? As 𝕏 rises, the glare on mainstream media appears to diminish. The tale of 𝕏 is one of rejuvenation. With a continuous wave of feature releases, the app aspires to be a 'one-stop' platform. As the media landscape evolves, X’s rebirth is undeniably a story to watch.