Elon Musk announced on Twitter that the company plans to develop a video application for smart TVs, highlighting an initiative to enhance video content on the platform. Musk made the comment in response to a suggestion regarding the app’s necessity.
Musk’s remark, “It’s coming,” follows a recent investor presentation by new CEO Linda Yaccarino and Musk, where they detailed strategies aimed at expanding video offerings, creator collaborations, and commercial partnerships in order to invigorate Twitter’s business model beyond reliance on digital advertising.
According to a slide from the presentation, vertical videos now account for over 10 percent of the total time users spend on Twitter. This growing focus on video content has been further underscored by the recent launch of Tucker Carlson’s new show, “Tucker on Twitter,” which premiered earlier this month. Sources indicate that Twitter is looking to monetize video content through advertisements and sponsorships from Carlson and additional content creators.
Yaccarino, who assumed the role of CEO on June 5, informed investors during a call last week that the company is engaging in preliminary discussions with various sectors, including political and entertainment figures, payment services, and news organizations for potential partnerships, according to a source who requested anonymity.
During the presentation, Yaccarino also shared positive advertising trends, noting that spending in multiple advertising categories such as health, consumer packaged goods, and financial services has increased by at least 40 percent year-over-year.
© Thomson Reuters 2023
