Despite his seemingly good standing with president-elect Donald Trump, Elon Musk’s X continues to face plummeting ad revenues as its owner’s behaviour grows ever more erratic.
According to analysis by WARC Media, since Musk’s takeover of the platform in late 2022, X has seen its ad revenue practically halved (-46.4%), falling from £3.6 billion to £1.7 billion year-on-year.
WARC believes that this trend is only set to continue, with ad revenue predicted to fall to £1.6 billion in 2024 and even further in 2025, equalling a hypothetical loss of £4.7 billion in total ad revenue since Musk purchased the network.
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“Falling from a position as one of the top 20 media owners worldwide, X’s advertising business has eroded significantly since Q4 2022,” WARC director of data, intelligence and forecasting, James McDonald said.
“Had it maintained growth relative to the wider social market recorded before acquisition, X’s ad revenue could be more than double what it is today.”
In comparison, rival social media platforms such as Instagram, Snapchat and Pinterest saw their ad revenues rise by 24.9%, 13.8%, and 18.1% respectively.
