Elon Musk, the co-founder of Tesla Inc, is expected to add a new group of users to Twitter as a result of his $44 billion acquisition of the microblogging service, according to brand marketers.
Musk is essentially the face of Web3.0 and the new decentralized world, which appeals to GenZ, or those born between the middle of the 1990s and the beginning of 2010. After stagnating for years, the company’s user base will get a boost, and more marketers will swarm to the platform, they claimed.
“This change in ownership will attract a whole new set of users – mainly people who look up to Musk – who were earlier not on the platform, making it more attractive for advertisers,” said Mitesh Kothari, co-founder of White Rivers Media, a brand and digital agency.
In a poll of chief marketing officers from GenZ-focused firms done by its research lab, WRM GenZ lab, Kothari discovered that these brands were now more inclined to view Twitter as a more serious competitor for their ad spending.
Brands from the banking and financial services, retail, and consumer goods industries made up the majority of this. A midlife facelift for the company, Twitter is one of the more established social media sites whose growth in new users has been progressively declining.
According to brand strategist Harish Bijoor, the microblogging platform might experience a comeback as a result of Musk’s takeover. According to Musk, he plans to reinstate the accounts that the previous management had blocked for propagating false information.
“Twitter has been around for a very long time – it is many generations old in social media terms,” he said. “Social media gets excited by Musk, and this will rub off on the platform in terms of renewed interest and new users.”
Musk has frequently claimed that Twitter may serve as the internet’s equivalent of a public plaza where everyone can speak. This does not imply that there would be no rules. While the prior management’s tactic of removing contentious accounts will be gone, some kind of content moderation is likely to continue.
In comparison to Meta, Facebook, and Instagram, Twitter has thus far had difficulty monetizing the platform. Marketers claim that while advertisers currently appear to be waiting to see what changes Musk would do, they now appear to be more interested in Twitter than in the past.
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