Twitter's Biggest Advertisers Cut Spending An Average of 71%

by Joe Mandese @mp_joemandese, July 18, 2023

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.

"Key Industries are reducing their investment on the platform,” MediaRadar CEO Todd Krizelman notes, adding, “This drastic decrease in ad spend from critical categories, coupled with a similar reduction by some of the top advertisers, will continue to be a challenge for Twitter. Linda Yaccarino, Twitter’s new CEO, is likely to help bring some of the dollars back given her strong reputation. However, the pressure from Meta’s Threads – not just for users but for ad dollars – is real and growing.”

3 comments about "Twitter's Biggest Advertisers Cut Spending An Average of 71%".

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Robert Rose from AIM Tell-A-Vision, July 18, 2023 at 10:59 p.m.
A bigger question is why is anyone spending any money? What advertisers would want their ad in the ridiculous "hellscape" Twitter has become? Well, except for My Pillow guy, but he's bankrupt.
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Clark Celmayster from Endeavor, July 19, 2023 at 9:10 a.m.

Since Twitter is no longer a closed platform for Marxist woke propaganda and indoctrination and allows "mostly" free speech and commentary, the WOKE business community has obviously targeted Elon's more conservative approach!

He is a brilliant business man and I am sure has a longer term plan in play. Plus, people are starting to get tired of and are waking up to the leftist diatribe, hinderence of Free Speech, and distopian ideolgies, that the Sheeple have allowed to transform our nation over the last 15 years across media, education, politics, entertainment etc!

Promote WOKE and GO BROKE as more and more companies are finding out!

Kenneth Fadner from MediaPost, July 19, 2023 at 1:44 p.m.

Mr. Celmayster-
We've removed the last sentence of your comment. Please watch the language you use on this forum or we will follow by removing your membership. Also, if you are looking for political debates there are much better outlets than MediaPost. Consider spending your time and energy with those.
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