LAGOS, Nigeria (VOICE OF NAIJA) Social media firm X, formerly known as Twitter, will no longer let marketers promote their accounts within the timeline of the site to get new followers.
The research states that promoted accounts, or “Follower Objective” advertising, provide more than $100 million (about Rs. 831 crore) in worldwide income per year for X.
A request for comment from Reuters was not immediately met by X.
Promoted follower advertising is heavily relied upon by advertisers to boost platform traffic and target particular demographics.
Since taking over as CEO on June 5, Linda Yaccarino, the former head of advertising at NBCUniversal, has worked to reposition the business and win back advertisers that deserted the platform as a result of Elon Musk’s moves.
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The US Court of Appeals for the District of Columbia Circuit penalized social networking company X $350,000 (almost Rs. 3 crore) earlier this month after finding that the company delayed cooperating with the US special counsel looking into Donald Trump.
In January, the attorney got a search order to access the former president’s Twitter account.
Musk announced that the number of monthly X users had achieved a “new high” in July and posted a graph displaying the most recent figure of over 540 million.
He posted on X about the user numbers as the firm underwent organizational changes and sought to increase advertising income, which has decreased in recent months.
According to a statement made before Musk’s acquisition of the company in October, Twitter had 229 million monthly active users in May 2022.
Musk announced in November that X has 259.4 million daily active users.
