If Twitter's ad revenue is off an average of 50%, as Elon Musk disclosed earlier this week, then it's coming mainly from the platforms biggest advertisers.
Ad spending across Twitter's top 10 ad categories are down an average 71% through the first six months of 2023 compared to the same period a year ago, according to estimates released today by ad tracking service MediaRadar.
Insurance marketers, the second largest Twitter ad category, is down the most (-96%), followed by tech companies (-92%), online games (-85%) and digital currencies (-78%). See table above.
Among specific advertisers, four -- including Twitter rival Meta Platforms, insurer Progressive, Crypto.com and Pernod-Ricard -- have cut their ad spending completely (-100%), followed by Coca-Cola (-99%) and AT&T (-96%).
If Twitter is down only 50% during the same period, then it likely is being sustained by smaller advertisers, and most likely the long tail of small and medium-size businesses that may be less sensitive to the erratic policy changes during Musk's ownership.