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Musk says Twitter Lost Half of its Advertising Revenue

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Twitter has lost roughly half of its advertising revenue, according to owner Elon Musk, since he bought the social media platform for $44 billion last October.

Musk, who has been outspoken about the difficulties facing the company, broke the figures in a tweet response to a user who was giving suggestions on financing for the platform.

“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,” the billionaire tweeted Saturday.

“Need to reach positive cash flow before we have the luxury of anything else,” he added, without further elaboration.

Insider Intelligence has reported that Twitter was set to earn less than $3 billion in revenue in 2023, down one-third from 2022.

Changes instituted by Musk since his takeover of Twitter have turned off users and advertisers alike.

Earlier this month, Musk announced that Twitter was limiting verified accounts to reading 10,000 tweets a day, in a bid “to address extreme levels of data scraping” and “system manipulation” by third-party platforms.

Non-verified users — the free accounts that make up the majority of users — are limited to reading 1,000 tweets per day, while new unverified accounts are limited to 500 tweets.

Twitter has also said TweetDeck, a popular program that allows users to monitor several accounts at once, will only be available to verified users from next month.

The changes came as Threads, an app launched by Facebook parent Meta as a rival to Twitter, registered more than 100 million users in its first five days.

Earlier this year, the artificial intelligence app ChatGPT, created by OpenAI, took two months to reach the same number of active users.

According to some estimates, Threads has now reached 150 million users, with India leading the way, boosted by its link to Instagram which gives it a built-in audience of more than two billion users and spares the platform the challenge of starting from scratch.

Twitter is thought to have around 200 million regular users but it has suffered repeated technical failures since Musk bought the platform and sacked thousands of staff.

Many have expressed privacy concerns over Meta CEO Mark Zuckerberg’s new platform, which asks users to give Meta permission to track them closely across the internet.

Those demands have delayed the launch of Threads in Europe, where new legislation limits the ability of Meta to track and share data across its family of platforms.

Its business model revolves around sucking up personal data to use for targeted ads and Threads accounts are linked to Instagram accounts.

But few expect Threads to maintain its embargo in Europe indefinitely.

European law expert Alexandre de Streel said big tech firms would probably be hammering out compliance issues with the EU over the coming months.

“I think it’s more a question of time to understand the scope of the legislation and have a dialogue with the commission,” he said.

Musk has also threatened to sue Meta for stealing trade secrets and intellectual property, claims denied by the company.

In a letter to Zuckerberg, published by the online news outlet Semafor this week, Musk’s lawyer also accused the company of recruiting dozens of former Twitter employees who “had and continue to have access to Twitter’s trade secrets and other highly confidential information.”

The two men have been bickering for years, but things have become heated since it became clear Meta intended to compete with Twitter.

AFP


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Nigerian Journalists Recount Experiences @QNET’s 2024 V-Convention

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The 2024 V-Convention held in Penang, Malaysia has come and gone but its sights and sounds is still reverberating as Nigerian Journalists who had the rare opportunity of attending the event shared their experiences and the immense opportunities QNET is providing to people through direct selling.

The event, which brought together over 8,000 participants from 30 countries, showcased the global reach and cross-border partnerships, which are crucial for direct selling businesses to thrive, particularly in emerging markets like Nigeria.

While speaking at the 2nd VCON 2024 Media Experience webinar on Thursday, the two journalists that witnessed the event shared their personal experiences, insights and take away from the convention in Penang, Malaysia.

Recounting his experience at the event, Sulaiman Aledeh, A TV journalist with Arise, described the experience as thrilling. “The V-Convention was more than a business event,” he remarked.

“It was a gathering of individuals united by their passion for personal growth, entrepreneurship, and wellness. The energy and enthusiasm were unmistakable, and it was inspiring to witness so many people coming together to support one another’s goals.”

He further highlighted QNET’s business strategies while lauding their efforts in supporting education and law enforcement partnerships.

Aledeh added, “One of the things that struck me most about the V-Convention was the sense of community and camaraderie among the attendees. Everyone was there to learn, grow, and support each other, and it created a truly inspiring atmosphere.”

Peter Oluka, Editor of TechEconomy and another attendee of VCON 2004, echoed similar sentiments, describing the event as more than just a business convention.

For him, the gathering of entrepreneurs from diverse backgrounds created a powerful network of like-minded individuals passionate about innovation and entrepreneurship.

He was particularly impressed by QNET’s focus on environmentally friendly products, signaling that the direct selling industry has much to offer in terms of sustainable development.

He praised the diversity of the attendees, the informative workshops, and the focus on innovation and sustainability, and highlighted the opportunity to explore Penang and experience Malaysian culture.

According to Oluka, “The V-Convention was a life-changing experience for me. It opened my eyes to the possibilities of direct selling and entrepreneurship, and I am now more motivated than ever to pursue my own business goals.”

Earlier, Theodocia Quartey, QNET’s Senior Legal Counsel for Sub-Saharan Africa, highlighted the importance of the VCON media webinar, noting that “The event offered participants a chance to expand their product knowledge, interact with experts, and take advantage of vibrant networking opportunities. It reflects QNET’s steadfast commitment to innovation and sustainability.”

“Twice yearly, we brings together a diverse assembly of marketing professionals, experienced business leaders, and global entrepreneurs associated with the QI Group’s flagship business in Penang, Malaysia.

“During V-Conventions, QNET extends invitations to selected journalists from media outlets in Nigeria to experience this important event.

“The just-concluded V-Convention in September 2024 brought together over 8,000 attendees from over 30 countries. The theme of the event was “Unstoppable,” emphasizing QNET’s unwavering commitment to innovation and sustainability.

“V-Convention continues to provide a platform to empower individuals and communities worldwide and champion innovation and sustainability through deepening product knowledge, engaging with experts, and experiencing dynamic demonstrations.

“Attendees benefit from business training sessions, motivational speeches, and product exhibitions, providing them with invaluable personal and professional growth opportunities”.

Mr. Akeem Ajisafe, Managing Director of Transblue Limited, QNET’s legal partner in Nigeria, emphasized the significant potential of the direct selling industry for Nigerian entrepreneurs during the second VCON 2024 Media Experience sharing webinar.

Ajisafe emphasized the importance of direct selling as a path to personal and financial empowerment, and pointed out the industry’s rapid expansion, with the global market expected to reach $204.89 billion by 2032.

“Direct selling provides entrepreneurs with a unique opportunity to harness their skills and build successful businesses with minimal investment,” he stated.

Ajisafe also discussed the misconceptions about direct selling in Nigeria, stressing the need to differentiate between legitimate direct selling companies and pyramid schemes. “QNET is dedicated to ethical practices and transparency,” he affirmed.

“We are working to educate the public about the benefits of direct selling and to dispel negative stereotypes. We believe that Nigeria has a bright future in the direct selling industry. By embracing this model, entrepreneurs can create jobs, generate wealth, and contribute to the country’s economic growth.”

 

 


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MTN Nigeria Expands Digital Offerings with Audiomack+ Music Subscription

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MTN Nigeria, a leading ICT company, has partnered with Audiomack, a renowned music streaming platform, to introduce the Audiomack+ subscription program.

This strategic collaboration provides MTN subscribers with seamless access to premium Audiomack content, uninterrupted streaming, offline downloads, and exclusive features through convenient mobile payment options.

Audiomack+ offers three flexible subscription plans, enabling subscribers to discover emerging artists, underground music, and community-driven playlists. Music lovers can enjoy, Month Pass (N900/month): 30-day free trial + uninterrupted streaming, Week Pass (N400/week): Affordable weekly subscription and Day Pass (N100/day): Daily access to premium content.

“This partnership with Audiomack reinforces our commitment to delivering value-added services to our customers,” said A’isha Mumuni, Chief Digital Officer of MTN Nigeria.

“We’re excited to offer our subscribers an easy and affordable way to access premium music content, empowering them to explore new music and support their favorite artists.”

David Ponte, Audiomack Co-Founder and CMO, added, “Our partnership with MTN Nigeria brings us closer to making music accessible to everyone.

“With Audiomack+, we’re proud to offer affordable premium streaming options, providing users in Nigeria with the best music experience possible.”

To subscribe to the Audiomack+ monthly plan, text APM to 3134 or visit Audiomack+ Month Pass. Alternatively, customers can text APW to 3134 or text APD to 3134 for weekly or daily subscriptions.

Through its strategic partnership with music streaming platforms, MTN Nigeria reinforces its commitment to providing enhanced and innovative digital experiences to customers.


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Elon Musk’s X Slammed with $418,000 Fine in Australia for Failing to Provide Child Protection Data

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An Australian court has upheld a decision requiring X, formerly known as Twitter, to pay A$610,500 ($418,000) fine after failing to cooperate with a request from the nation’s eSafety Commissioner.

The request was for detailed information about the platform’s efforts to tackle child sexual exploitation material.

X initially contested the fine, arguing that a corporate restructuring in 2022, when Elon Musk took Twitter private and merged it into a new entity, freed the company from having to comply with the request issued in early 2023. However, the Federal Court of Australia disagreed, ruling that the platform was still bound to provide the information.

Julie Inman Grant, the eSafety Commissioner, noted that if accepted, it could have set a dangerous precedent. She stated that such corporate mergers could allow international companies to sidestep regulatory obligations in Australia, undermining internet safety efforts.

The penalty relates to a current inquiry into how tech companies, including X, are managing harmful content, particularly involving child protection. The eSafety Commissioner had requested specific details on the platform’s anti-child abuse strategies, which X failed to provide. In addition to the fine, civil proceedings have also been initiated against the company due to its noncompliance.

Musk’s X has faced previous clashes with the Australian internet safety regulator. Earlier this year, the eSafety office ordered the platform to remove content showing a violent incident involving a bishop being attacked during a sermon.

X challenged that directive, arguing that regulators in one nation should not dictate what content is visible worldwide. The Australian regulator eventually dropped the case, and X kept the posts online. Musk criticised the order, labelling it as an act of censorship and linked it to a larger agenda by international bodies like the World Economic Forum.

This latest legal setback adds to Musk’s growing list of challenges in managing the platform since his takeover, particularly as it continues to face questions from regulators around the world.


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