Twitter is testing a new feature to double revenue


 

Twitter intends to test the advertising system on Fleets, which offers the feature of stories that disappear after 24 hours, and the platform is working to provide more options for advertisers, as part of its goals to double its annual revenue by 2023.


At the end of last year, Twitter launched the stories feature called Fleets for its global audience, to announce on Tuesday the start of using this feature in ads, similar to the networks of Facebook and Snapchat.


Twitter ad revenue in the first quarter of this year grew 32% year-over-year to $899 million, with total ad engagement growing 11% over the same period. Total ad revenue reached $899 million, an increase of 32%.


New advertising system

Twitter plans to sell more ads on its mobile application, and the company said that targeted ads will be the first on Twitter to appear full-screen on phones, as advertisers prefer it most because it attracts the user's attention.


Twitter is trying to catch up with other social media platforms like Facebook and Snapchat, which have long introduced Stories that disappear after 24 hours as a way to advertise on their platform.


Unlike regular Tweets, Fleet posts cannot be retweeted or receive public likes or replies. Users can only reply to them through direct messages.


Fleets are designed for use in Android and iOS mobile apps and can contain text, videos, stickers, or images, and was adopted by Twitter last November.


Brands that create Fleets Stories ads can also use a feature that will direct the user to a company website or other web destination. Twitter is testing new features including the Clubhouse competitor Spaces Twitter service, and community-led and known disinformation efforts In the name of Birdwatch, Twitter has acquired the newsletter platform Revue, which is already integrated on the platform's website. The company has also made smaller acquisitions, to build product teams, including social app Squad, story template maker Chroma Labs, and podcast app Breaker.


The company's financial performance


In the first quarter of this year, Twitter recorded revenues of $ 1.04 billion, compared to $ 808 million during the same period last year, and achieved a net profit of $ 68 million (16 cents per share), compared to a loss of $ 8.4 million, according to the company’s financial statements.


The company expects to generate between $980 million and $1.08 billion in revenue in the second quarter, missing analyst expectations of $1.06 billion on average, according to Refinitiv.


The total number of platform users increased by 7 million users, since the announcement of the data for the fourth quarter of last year, to 199 million, but it came less than analysts' expectations, which estimated the number to rise to 200 million users.


Twitter aims to double annual revenue to $7.5 billion by 2023, compared to about $3.7 billion in 2020 and seeks to increase the number of users daily to about 315 million users.

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