Exclusive-Twitter to focus on video, commerce in business revamp

Exclusive-Twitter to focus on video, commerce in business revamp

© Reuters. FILE PHOTO: A keyboard is placed in front of a displayed Twitter logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

By Sheila Dang

(Reuters) -Twitter plans to focus on video, creator and commerce partnerships to revitalize the social media company’s business beyond digital advertising, according to an investor presentation by owner Elon Musk and new Chief Executive Linda Yaccarino that was reviewed by Reuters.

Yaccarino, who started as CEO on June 5, told Twitter investors on Thursday that the company is in early conversations with political and entertainment figures, payments services and news and media publishers, said a source familiar with the matter, who spoke on condition of anonymity to discuss a private investor call.

None of the major advertising holding companies are recommending that clients pause their ad spending on Twitter, and well-known brands including Warner Bros, Mondelez (NASDAQ:), McDonald’s (NYSE:) and Walmart (NYSE:) have resumed advertising on Twitter after initial pauses, according to a slide shown during the presentation.

After Musk acquired Twitter in October, many advertisers fled the platform, wary that their promotions could appear alongside inappropriate content after the company laid off thousands of employees and cut costs dramatically.

Musk’s hiring of Yaccarino, a longtime advertising executive who previously led ad sales at NBCUniversal, was seen as a signal that digital ads remained a priority for Twitter.

A Twitter executive declined to comment.

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