I used the phrase “fly the coop,” but I had no idea how quickly the abandonments would come for Twitter.
Last week, I wrote about Substack Notes, a social media platform with the potential to become a bona fide Twitter substitute. More than simply embracing journalists, Substack’s new platform eschews the ad-dependent model for a subscription-driven one.
On the heels of Substack Notes’ release, new numbers about how much publishers spent on Twitter advertising reveal an 83% YoY decrease from January 2022 through February 2023.
There’s never a good time for alarming numbers, but taken alongside other recent Twitter- and Musk-centered headlines and headaches — which includes PBS and NPR leaving the platform after being labeled state-affiliated media — it sure seems like a serendipitous time for alternatives to emerge.
MediaPost quotes Todd Krizelman, CEO and co-founder of ad-spend analyzers MediaRadar, who attributed part of the decline to worsening economic conditions, but “the conflict between Elon and news publishers certainly won’t help the decline.”
MediaRadar focused on 17 U.S. news outlets, finding that their Twitter ad expenditure was $279,000 from January to February 2023, down from the $1.7 million they spent during the same period last year.