Despite entering 2020 in a strong position, the ongoing pandemic, Black Lives Matter ad pause and recent social media brand boycott have packed a punch, leaving the social media giant Twitter winded, with advertising revenue down 23%.
Although ad revenues took a hit, Twitter reported that it saw growth in audience engagement, with its user base growing to 186 million, a 34% year-on-year increase.
Chief exec Jack Dorsey told investors that Twitter had been looking as “multiple lines of revenues” is now in a place to “explore other ideas”, hinting that subscriptions could be tested this year.
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Source: The Drum
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