Ad spending on Twitter fell 71 percent year-over-year in December 2022 as top advertisers cut spending on the social media platform following Elon Musk’s takeover of the company, according to data from an ad research firm.
The latest figures from the Standard Media Index (SMI) come as Twitter moves to reverse its loss of advertisers. In an effort to win back advertisers, Twitter has launched a number of initiatives, including offering some free ads, allowing the company to better control its ad targeting and more.
The ad spending on Twitter fell 55 percent year-over-year in November 2022, according to SMI data, even though those months are typically a time of higher ad spending, with brands promoting products during the holidays.
Twitter did not immediately respond to a request for comment. Pathmatics, another research firm, estimates that 14 of the top 30 advertisers on Twitter stopped all advertising on the platform after Elon Musk took office.
