Will X (Formally Twitter) Survive, Thrive or Die?
Will Elon Musk’s Newest Project Survive in an Uber-Competitive Social Media Landscape?
Elon Musk bet big on Twitter in 2022, purchasing the world’s most popular micro-content platform for $44 bn. Yes, he tried to back out of the deal… after the company’s stock price skyrocketed and he was forced to pay more than he originally anticipated.
In April of 2024, it’ll be 2 years since the historic deal went through. To put things bluntly, things haven’t been all rainbows and unicorns. In fact, Elon’s time as the head of X (formally Twitter) has been colored with more figurative bloodshed than digital thumbs-up emojis.
Simply put: At this point, X is remarkably worse off than it was pre-Elon Musk.
So, as a prominent social media marketing agency with a reputation to uphold, we’ll try to answer a nagging question.
Will Twitter/X survive, thrive, or die?
Don’t Take a Legacy Lightly
Twitter/X has been around for nearly 20 years now, starting in March 2006 under Founder Jack Dorsey.
It was the first app to really ‘get’ the appeal of being the ‘first’ to know about news updates. The platform collected an obscene amount of data on the science behind getting users addicted to the ‘feed.’
As a result, millions of high-profile users have built their entire careers on Twitter/X. And we’re not just talking about A-list celebrities. Some long-time users are only known in niche groups, building a following on the platform among those who appreciate their up-to-the-minute insights on subjects from financial markets to NBA analysis.
People are addicted to the platform. And addicts don’t quit easily.
“Twitter/X is designed to ‘follow users around’ and encourage frequent checks throughout the day. ”
After all, major news stories always go viral on Twitter/X before anywhere else. This ability to ‘gamify’ the news cycle will ensure that Elon’s little project doesn’t fade into the sunset anytime soon.
Toying with Memberships
With major advertisers fleeing the app and taking their ad money elsewhere, X/Twitter has announced that it’ll start offering services to target more niche businesses. This SMB strategy includes a lower-priced verification option, which offers members preferential treatment in the coveted algorithm. Their content will surface more frequently and be shown to more suitable audiences.
Having said that, the $1 annual fee is a bit silly. Being rolled out in select countries, the strategy has reportedly started to achieve the desired effect of reducing bot accounts.
While we find it hard to envision a future in which a popular social media app charges every one of its users an annual fee, stranger things have happened.
The Role of Elon Himself
It’s tough to rule out a company that’s owned by the most prolific business owner of the past decade. On his own, it can be argued that Elon is a larger brand than the social media platform he owns. While that sounds crazy, consider that he established PayPal, Tesla, The Boring Company, and SpaceX before the acquisition.
His presence invites attention, and attention often invites success. The multi-billionaire has attached his reputation to Twitter/X’s success and he has deep enough pockets to endure any short-term financial losses the company may suffer over the next few years.
The Competition
Between Facebook, Instagram, TikTok, YouTube, Snapchat, and the other social platforms out there, Twitter/X still performs well in terms of daily active users and engagement. And its ‘micro-content’ focus is somewhat unrivaled.
“While short-form vertical platforms like TikTok and Instagram Reels have users consuming more video content than ever before, Twitter/X has incorporated these videos in a way that hasn’t compromised its original purpose.”
Because, at the end of the day, it’s a news platform. Perhaps only Facebook offers a feed that could rival Twitter/X’s in terms of up-to-the-minute content. But even then, Facebook’s primary directive is connecting users with friends and family.
The Verdict
Many of you probably scrolled to this section immediately after opening the article. And we don’t blame you.
“Stop wasting our time,” you say between sips of coffee. “Will Twitter/X survive, thrive, or die in 2024?”
We may regret this, but we’ve come to a concise verdict.
“Twitter/X will survive in 2024. And thrive in the years to come.”
The brand has way too much momentum, not to mention a user base that’s completely addicted to the platform. The major brands who’ve pulled their advertising will likely flock back in the future since Twitter/X continues to optimize its marketing data and could soon boast one of the best ad spend returns of any platform.
And many industries simply won’t leave the platform, no matter what happens. For starters, every major North American sports team leans on Twitter/X more than any other platform. Sure, they’re active on Facebook, Instagram, and TikTok, but major announcements like trades, new signings, and results are Tweeted (or X’d?) before they go live elsewhere… even on ESPN.
How many times have you seen a Reddit post linking to an Instagram picture of a Tweet? Sports fans have unknowingly consumed information this way countless times before.
Since reporters in fields including sports make their livings on being the ‘first’ to report on new developments, Twitter/X’s ability to champion the ‘new’ will play a major role in helping it survive.
Do you agree with our answer to the question: Will Twitter/X survive, thrive or die in 2024?
Comment below the blog and be sure to reach out if you need help navigating a ruthlessly competitive social media marketing landscape.
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