Musk’s social media platform X announced on Tuesday that it is “now a video-first platform,” rather than a messaging service like its predecessor, Twitter. The company made the announcement in a blog post aimed at advertisers. Previously, advertisers including Disney, IBM and Apple left the platform after Musk supported an alleged "anti-Semitic" post. That internal collapse, combined with other missteps, caused the company's value to plummet more than 70% from its $44 billion sale price last year, according to Fidelity, one of X's investors.
As proof of its video transformation, It also mentioned that the platform now allows users to post longer videos, claiming that "in December alone, people watched 130 years' worth of videos of 30 minutes or more."
However, X’s blog post lacks details. For example, it claims to have a large number of Gen Z users without any metrics to back it up.
A source within
Musk is betting big on attracting creators to post videos on X. The company's selling point is that it will share in the advertising revenue generated by their videos. Last week, on an anonymous
"We're just starting to add video ads, similar to YouTube, where you can skip after five seconds," Musk said. "We also want to reduce streaming latency."
X said in a blog post on Tuesday that it has paid more than 80,000 creators in less than a year. However, as some users have complained, the amount of these payments can vary widely.
On the advertising front, X claims in a blog post that it has made ads "more relevant and impactful," resulting in a 22% increase in total ad engagement. However, many users complained that many of the ads came from low-quality marketers promoting fake luxury goods and fake KetoDrops endorsed by Shark Tank.
Looking ahead to 2024, Plan
The article concluded: “Get ready for X’s future journey!”