Twitter, the social media company owned by Elon Musk, has revealed its plans to revitalize its business beyond digital advertising. According to an investor presentation by Musk and new Chief Executive Linda Yaccarino that was reviewed by Reuters, Twitter plans to focus on video, creator and commerce partnerships.
Twitter has been struggling to grow its user base and revenue in recent years, facing competition from other platforms such as Meta and TikTok. The company also faced regulatory challenges in India, where it was threatened with a shutdown over its compliance with new IT rules.
The investor presentation outlined Twitter’s vision for becoming a “global town square” where people can discover, discuss and share content across various topics and interests. The presentation also highlighted Twitter’s efforts to improve its user experience, safety and privacy, and content moderation.
One of the key areas that Twitter plans to invest in is video, which it sees as a major driver of engagement and monetization. Twitter said it aims to offer more live and on-demand video content across sports, news, entertainment and gaming. The company also said it wants to enable more video creation and sharing by users and creators.
Another area that Twitter plans to explore is commerce, which it said could create new revenue streams and opportunities for users and businesses. Twitter said it wants to enable more shopping and transactions on its platform, leveraging its existing features such as Spaces, Fleets and Super Follows. The company also said it wants to integrate more with e-commerce platforms such as Shopify and Amazon.
Twitter also plans to expand its creator economy, which it said could help attract and retain more users and creators on its platform. Twitter said it wants to offer more tools and incentives for creators to monetize their content and audience, such as Tip Jar, Ticketed Spaces and NFTs. The company also said it wants to foster more communities and collaborations among creators.
Twitter’s new strategy comes at a time when the company is undergoing a leadership transition, following the departure of former CEO Jack Dorsey in November 2021. Dorsey was replaced by Yaccarino, a former NBCUniversal executive who joined Twitter as chief revenue officer in 2020. Musk, who became Twitter’s largest shareholder in 2021 after buying $1.5 billion worth of shares, also assumed the role of chairman of the board.
