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Can Elon Right the Twitter Ship?
Should we be concerned about Twitter?
I mean, Elon Musk is been able to steer his other companies to massive success, there’s no reason, as yet, to believe he can’t achieve the same at Twitter. Right?
It’s impossible to say, of course, because Twitter’s very different to his other businesses, which focus on hardware, on actual physical products, as opposed to Twitter, which is essentially driven by engagement. But as Elon’s vision for the platform continues to take shape, it is worth noting the current state of the app, and where it needs to be to get on, and stay on the right track.
Revenue Status
Twitter’s biggest challenge is on the revenue front, with Elon estimating that the app was losing around $4 million per day when he took over at the helm.
Elon’s main additional revenue push thus far has been subscriptions, via Twitter Blue, which he’s hoping will eventually generate around half of the app’s total intake.
This is a critical peg in his ‘Twitter 2.0’ plan, for several reasons – for one, more direct income from users means less reliance on ads, and Elon is notoriously not a fan of advertising in any form.
Relying on ad dollars also means aligning with advertiser expectations around moderation, which potentially goes against Elon’s ‘free speech’ vision for the app, while getting more users to pay could also help to weed out bots, because if the majority of users are paying subscribers, that then makes it harder for bot farms to create armies of fake profiles, and have them blend in – at least, without having to pay a significant cost for such.
So how is Twitter Blue take up looking?
According to analysis by Travis Brown, as of right now, there are between 275k and 325k Twitter Blue subscribers. Taking the top-end of that estimate, we’ll assume that Twitter is generating around $2.6 million per month from Twitter Blue subscriptions as of right now (325,000x$8).
That equates to $7.8 million per quarter – which is a lot, but it’s still not close to where Twitter needs it to be to be a relevant revenue driver.
To clarify, in Q4 2021, Twitter generated $1.57 billion in revenue. Half of would be $785 million – or around 100x what Twitter Blue is currently bringing in.
Of course, Twitter Blue still has a lot of room to grow – it’s currently only available in the US, UK, Canada, Australia, New Zealand and Japan. But then again, these regions account for around 70% of overall Twitter users, and if these initial take-up figures are indicative, that doesn’t bode well for this being a viable pathway to broader revenue growth.
What’s worse, Twitter has also reportedly lost around 40% of its ad revenue, due to the broader economic downturn and Musk’s decisions, including the reinstatement of previously banned users and revising its rules around moderation. That’s an estimated $642 million hit in Q4 alone.
At the same time, Twitter has reduced its costs, with Elon culling 70% of the company’s workforce, while also shutting down offices, data centers, cutting employee benefits, etc.
We don’t know how significant these cuts will be to Twitter’s bottom line, but Twitter’s staff costs in Q2 2022 were $950 million, and its operating costs were $540 million.
As an estimate, if you assume its staff costs have been reduced by 70% (it could be more than this due to exec salaries being culled), and the operating costs have been halved, that would reduce these from a cumulative $1.49b to $555 million.
Add in owed interest on Musk’s loan to purchase the app, and Twitter’s current operational costs, at a rough estimate, are around $930 million per quarter.
So, to clarify – incoming per quarter (based on estimates):
- Ad revenue = $942 million
- Twitter Blue = $7.8 million
- Data licensing = $150 million
Total Twitter intake, per quarter = $1.1 billion
Twitter outgoing per quarter:
- Staff costs = $285 million
- Operating costs = $270 million
- Interest on loans = $375 million
Total outgoing = $930 million
That’s a pretty thin edge, in relative terms, but once Twitter has paid out staff costs, and settled its current rent agreements, etc., it could be on the right track to generating revenue this year.
But a lot has to go right, and anything breaking or falling apart – which is increasingly likely due to reduced oversight – could put it in a seriously dangerous predicament.
I recently noted that it’s possible that Twitter could go bankrupt within 6 months – which Musk himself has admitted. This is why, and while the company is seemingly in a more stable situation, financially, at present, it’ll be a delicate balancing act until Elon can bring in more revenue for the business.
Future Plans
So, how will he do that?
Twitter’s still working out the details of its next steps, and while it continues to roll out smaller tweaks like updates to Bookmarks and view counts, the real push is revenue drivers, and bringing in more money at the app.
On this front, Twitter’s working on several elements:
Each of these has potential to bring in incremental value, but a lot will depend on how many people and businesses are willing to put more reliance on Twitter – and as its decline in ad revenue has shown, many are not comfortable with the direction that Elon’s currently taking at the app, at least at this stage.
But then again, a lot of big advertisers have re-committed to Twitter spending. And while some will hold off on making investments in the app, if Elon and Co. can increase engagement, and get more people spending more time in-stream, ad spend will follow, whether those brands agree with Musk’s personal stances or not.
Which is the longer-term push, and why Twitter’s comparatively smaller UI tweaks and updates are important – if Twitter can grow its audience, and get more people tweeting, ad dollars will follow, regardless of the media narrative around Musk’s political views and their impact.
The Singular Solution?
With perspective on the challenges at hand, you can see why Musk felt the need to cut thousands of staff, and reduce the app to its bare bones across the board.
Because, really, he had to. Twitter was operating at a loss, and has been since 2019, and the only way to get it back on track is to make drastic changes, whether we like them or not.
Those come with a high level of risk. Former Twitter staff have warned that the app will break at some stage, due to reduced monitoring and oversight, and Musk’s ‘hardcore’ management style, which prioritizes rapid deployments and tweaks, could kill engagement, and sink the ship.
As usual, Elon is flying close to the sun – but then again, why wouldn’t he? It’s worked out pretty well for him so far.
In April last year, former Twitter CEO Jack Dorsey said that Elon was ‘the singular solution’ that he trusts to right the ship, and get Twitter back on the right track.
That, of course, was before Elon cut so many staff, before he started releasing troves of internal documents, which are highly critical of those that operated under Dorsey’s management, and before he relaxed the platform’s rules around what’s acceptable and what’s not, and let all manner of questionable individuals back on the app.
But maybe, despite all of this, despite everything that we’re seeing. Despite Musk’s bravado and confrontational Twitter persona, maybe, he could actually steer things in the right direction.
It would be against the odds, and again, a lot has to go right. Even small missteps will have big consequences, but if anyone can handle that pressure, Elon, and his unwavering self-assuredness, could actually be fit for the task.
Or it could be gone before the year’s out. Either outcome feels entirely possible at this stage.
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12 Proven Methods to Make Money Blogging in 2024
This is a contributed article.
The world of blogging continues to thrive in 2024, offering a compelling avenue for creative minds to share their knowledge, build an audience, and even turn their passion into profit. Whether you’re a seasoned blogger or just starting, there are numerous effective strategies to monetize your blog and achieve financial success. Here, we delve into 12 proven methods to make money blogging in 2024:
1. Embrace Niche Expertise:
Standing out in the vast blogosphere requires focus. Carving a niche allows you to cater to a specific audience with targeted content. This not only builds a loyal following but also positions you as an authority in your chosen field. Whether it’s gardening techniques, travel hacking tips, or the intricacies of cryptocurrency, delve deep into a subject you’re passionate and knowledgeable about. Targeted audiences are more receptive to monetization efforts, making them ideal for success.
2. Content is King (and Queen):
High-quality content remains the cornerstone of any successful blog. In 2024, readers crave informative, engaging, and well-written content that solves their problems, answers their questions, or entertains them. Invest time in crafting valuable blog posts, articles, or videos that resonate with your target audience.
- Focus on evergreen content: Create content that remains relevant for a long time, attracting consistent traffic and boosting your earning potential.
- Incorporate multimedia: Spice up your content with captivating images, infographics, or even videos to enhance reader engagement and improve SEO.
- Maintain consistency: Develop a regular publishing schedule to build anticipation and keep your audience coming back for more.
3. The Power of SEO:
Search Engine Optimization (SEO) ensures your blog ranks high in search engine results for relevant keywords. This increases organic traffic, the lifeblood of any monetization strategy.
- Keyword research: Use keyword research tools to identify terms your target audience searches for. Strategically incorporate these keywords into your content naturally.
- Technical SEO: Optimize your blog’s loading speed, mobile responsiveness, and overall technical aspects to improve search engine ranking.
- Backlink building: Encourage other websites to link back to your content, boosting your blog’s authority in the eyes of search engines.
4. Monetization Magic: Affiliate Marketing
Affiliate marketing allows you to earn commissions by promoting other companies’ products or services. When a reader clicks on your affiliate link and makes a purchase, you get a commission.
- Choose relevant affiliates: Promote products or services that align with your niche and resonate with your audience.
- Transparency is key: Disclose your affiliate relationships clearly to your readers and build trust.
- Integrate strategically: Don’t just bombard readers with links. Weave affiliate promotions naturally into your content, highlighting the value proposition.
5. Display Advertising: A Classic Approach
Display advertising involves placing banner ads, text ads, or other visual elements on your blog. When a reader clicks on an ad, you earn revenue.
- Choose reputable ad networks: Partner with established ad networks that offer competitive rates and relevant ads for your audience.
- Strategic ad placement: Place ads thoughtfully, avoiding an overwhelming experience for readers.
- Track your performance: Monitor ad clicks and conversions to measure the effectiveness of your ad placements and optimize for better results.
6. Offer Premium Content:
Providing exclusive, in-depth content behind a paywall can generate additional income. This could be premium blog posts, ebooks, online courses, or webinars.
- Deliver exceptional value: Ensure your premium content offers significant value that justifies the price tag.
- Multiple pricing options: Consider offering tiered subscription plans to cater to different audience needs and budgets.
- Promote effectively: Highlight the benefits of your premium content and encourage readers to subscribe.
7. Coaching and Consulting:
Leverage your expertise by offering coaching or consulting services related to your niche. Readers who find your content valuable may be interested in personalized guidance.
- Position yourself as an expert: Showcase your qualifications, experience, and client testimonials to build trust and establish your credibility.
- Offer free consultations: Provide a limited free consultation to potential clients, allowing them to experience your expertise firsthand.
- Develop clear packages: Outline different coaching or consulting packages with varying time commitments and pricing structures.
8. The Power of Community: Online Events and Webinars
Host online events or webinars related to your niche. These events offer valuable content while also providing an opportunity to promote other monetization avenues.
- Interactive and engaging: Structure your online events to be interactive with polls, Q&A sessions, or live chats. Click here to learn more about image marketing with Q&A sessions and live chats.
9. Embrace the Power of Email Marketing:
Building an email list allows you to foster stronger relationships with your audience and promote your content and offerings directly.
- Offer valuable incentives: Encourage readers to subscribe by offering exclusive content, discounts, or early access to new products.
- Segmentation is key: Segment your email list based on reader interests to send targeted campaigns that resonate more effectively.
- Regular communication: Maintain consistent communication with your subscribers through engaging newsletters or updates.
10. Sell Your Own Products:
Take your expertise to the next level by creating and selling your own products. This could be physical merchandise, digital downloads, or even printables related to your niche.
- Identify audience needs: Develop products that address the specific needs and desires of your target audience.
- High-quality offerings: Invest in creating high-quality products that offer exceptional value and user experience.
- Utilize multiple platforms: Sell your products through your blog, online marketplaces, or even social media platforms.
11. Sponsorships and Brand Collaborations:
Partner with brands or businesses relevant to your niche for sponsored content or collaborations. This can be a lucrative way to leverage your audience and generate income.
- Maintain editorial control: While working with sponsors, ensure you retain editorial control to maintain your blog’s authenticity and audience trust.
- Disclosures are essential: Clearly disclose sponsored content to readers, upholding transparency and ethical practices.
- Align with your niche: Partner with brands that complement your content and resonate with your audience.
12. Freelancing and Paid Writing Opportunities:
Your blog can serve as a springboard for freelance writing opportunities. Showcase your writing skills and expertise through your blog content, attracting potential clients.
- Target relevant publications: Identify online publications, websites, or magazines related to your niche and pitch your writing services.
- High-quality samples: Include high-quality blog posts from your site as writing samples when pitching to potential clients.
- Develop strong writing skills: Continuously hone your writing skills and stay updated on current trends in your niche to deliver exceptional work.
Conclusion:
Building a successful blog that generates income requires dedication, strategic planning, and high-quality content. In today’s digital age, there are numerous opportunities to make money online through blogging. By utilizing a combination of methods such as affiliate marketing, sponsored content, and selling digital products or services, you can leverage your blog’s potential and achieve financial success.
Remember, consistency in posting, engaging with your audience, and staying adaptable to trends are key to thriving in the ever-evolving blogosphere. Embrace new strategies, refine your approaches, and always keep your readers at the forefront of your content creation journey. With dedication and the right approach, your blog has the potential to become a valuable source of income and a platform for sharing your knowledge and passion with the world, making money online while doing what you love.
Image Credit: DepositPhotos
SOCIAL
Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?
In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.
The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.
According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.
Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.
Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.
The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.
This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.
Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.
As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?
Only time will tell.
SOCIAL
Catering to specific audience boosts your business, says accountant turned coach
While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.
When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.
“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.
Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.
“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.”Â
“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.
“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.
Watch the video for more of Sandra Parker’s biggest lessons.
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