Elon Musk’s latest venture with social media platform X, steering it towards a ‘video-first’ strategy, has stirred up the digital world. The Tesla CEO’s move aims to revitalize user engagement and entice advertisers back to the platform.
According to the company, there’s a notable increase in video consumption, with users watching videos in 8 out of 10 sessions. This shift comes as a strategic pivot after major advertisers like Disney and Apple reduced their ad spending following Musk’s controversial comments and decisions.
However, this claim of a video-centric platform isn’t without its skeptics. A source from X expressed doubts, saying, “I think it’s way too early to declare us a video-first platform.” This skepticism is mirrored by industry experts, with Matt Navarra, a social media consultant, saying, “Whenever we get any stats from X or Elon Musk, I always have to take them with a pinch of salt.”
Despite the challenges, Musk is determined to attract content creators to X, promising a share in ad revenue for their videos. Demonstrating the platform’s potential for live streaming, Musk recently engaged in a three-hour gaming session on Diablo IV, discussing X’s future.
In advertising, X reports a 22% increase in ad engagements, attributing it to more relevant and impactful advertising. Yet, users have noted a surge in low-quality ads, with one user commenting, “It’s bad enough that I was getting ads for gadgets so shitty even Wish.com wouldn’t sell it“.
For 2024, X plans to enhance the user experience with artificial intelligence, launch peer-to-peer payments, and improve content relevance. But the platform’s video-first transition faces challenges, particularly from Musk’s controversial leadership style. The success of this new strategy in a market dominated by YouTube and TikTok remains to be seen. Whether X can regain the trust of big brands and appeal to a wider audience is a question that only time will answer.
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