Twitter is in for a bumpy ride, according to a report by Insider Intelligence. The report predicts that the social media platform will experience an exodus of users due to changes made by its new owner and CEO, Elon Musk, as well as flat revenue growth for the next two years.
Experts and users have raised concerns about Twitter’s ability to combat misinformation after it laid off around half of its staff, including those involved in content moderation. The report also said that Twitter is expected to lose more users in the US than in any other country that Insider Intelligence tracks, and that the platform’s monthly users are predicted to fall to 50.5 million in 2024, the lowest level since 2014.
“Users will start to leave the platform next year as they grow frustrated with technical issues and the proliferation of hateful or other unsavory content,” said Jasmine Enberg, principal analyst at Insider Intelligence.
The market research firm also said that Twitter’s revenue growth will be flat for the next two years, which will make it more difficult for Musk to introduce new products to increase usage and engagement on the platform. Twitter earns around 90% of its revenue from selling advertisements. In November, Musk blamed a “massive drop in revenue” on civil rights groups that had pressured brands to pause their Twitter ads.
On Monday, Twitter disbanded its Trust and Safety Council, a volunteer group formed in 2016 to advise the platform on-site decisions. Over half of Twitter’s workforce, around 3,700 employees, have been laid off since Musk took charge of the company. More than 1,000 have resigned, among them Yoel Roth, the company’s former head of trust and safety.
It remains to be seen whether Twitter will be able to turn things around, but it certainly has its work cut out for it. In the meantime, users may want to start exploring alternative social media platforms.
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