As Bad As Trump in Business - Money Losing Twitter to Lose 32m Users In
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All on Thu Nov 9 03:59:04 2023
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Twitter ‘to lose 32m users in two years after Elon Musk takeover’
Forecast predicts people will leave platform over technical problems and
spread of hate speech
More than 30 million users are expected to leave Twitter over the next two years as concerns mount over technical issues and the proliferation of offensive content after Elon Musk’s $44bn takeover, according to a
forecast.
The number of global monthly users is predicted to fall by nearly 4% next
year and 5% in 2024 – more than 32 million in total – in the first annual declines forecast by the market research agency Insider Intelligence since
it began tracking the social media platform in 2008.
“There won’t be one catastrophic event that ends Twitter,” a principal
analyst at Insider Intelligence, Jasmine Enberg, said. “Instead, users
will start to leave the platform next year as they grow frustrated with technical issues and the proliferation of hateful or other unsavoury
content.
Elon Musk's twitter account is seen displayed on a mobile phone screen
with the twitter logo on the background
“Twitter’s skeleton staff, working around the clock, won’t be able to counteract the platform’s infrastructure and content moderation problems.”
Its report anticipates that Twitter will lose more users in the US, its
biggest market, than any other country, with numbers declining 8.2 million
over the next two years. By the end of 2024, US user numbers are forecast
to fall to 50.5 million, the lowest level since 2014, as the Twitter
becomes “more unstable, and less pleasant”.
In the UK, Twitter will lose about 1.6 million users over the next two
years, to a base of 12.6 million, Insider Intelligence said.
It predicts that while disillusioned users leaving the platform will occur across all age demographics, the biggest concentration of departers will
come from the under-25 and over-45 age groups, which “aren’t as loyal and
are less willing to tolerate a degrading experience”.
Insider Intelligence has also slashed its forecast for ad revenue growth
for Twitter from 22% in 2023 and 16% in 2024 to “essentially flat”, as advertisers pull back, pause or stop advertising over growing brand safety concerns on the platform.
In November, the research company cut its outlook for Twitter’s ad revenue growth by 40% this year.
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“Musk’s primary focus in 2023 will be kickstarting Twitter’s revenue
engine, after losing many of its biggest advertisers and a long tail of
other advertisers who have been quietly quitting the platform,” it said.
On Monday, Twitter abruptly dissolved its trust and safety council, an
advisory group of nearly 100 independent civil, human rights and other organisations that the company formed in 2016 to address hate speech,
child exploitation, suicide, self-harm and other problems on the platform, moments before a meeting scheduled with the company.
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