Twitter’s revamped version, known as X, is set to return with an emphasis on video content. The goal is to attract more creators, advertisers, and partners to establish a primary video platform. A new app will soon roll out through numerous app stores to achieve this goal.
The company introduces a new video tab feature which has already been spotted on pre-release versions of the app on Amazon Fire TV and Google TV. Launches on other platforms like Apple TV and Roku are underway.
Despite revenue issues, a decreasing user base, and toxicity concerns, CEO Linda Yaccarino of Twitter announced these plans for 2024. Fidelity, a major investor, cut the company’s valuation by 71.5% in 2023. This left X’s valuation at approximately $12.5 billion, a drastic decrease from the initial $44 billion. Yaccarino seeks to revise Twitter’s revenue model, shifting from reliance on ad revenue to other sustainable options. Along with these changes, she aims to combat the platform’s declining active users.
Doubts surrounding the company have led to fragile confidence among investors.
Twitter X’s shift towards video content
Despite its financial woes, Yaccarino remains optimistic. The 2024 strategic plan, launched with the TV app, is expected to mark a fresh start for the social media giant, countering the valuation drop and restoring confidence in the business.
The company filed an antitrust lawsuit against an advertising conglomerate in August. However, analysts question whether the new video content focus can effectively alleviate these issues. There’s skepticism about whether their target audience will embrace this change. As X’s legal ordeal progresses, the company must also address its strategic future direction.
In an attempt to attract content creators, the planned TV app will showcase video content from a range of organizations, creators, and publishers. A creator incentive scheme based on user engagement and views is also in the works. The ultimate goal is to increase viewer retention rates and boost the daily use of the app. To diversify its content library, X is collaborating with several organizations and publishers.
Despite these measures, some creators remain skeptical of this video-focused approach. The success of X’s strategy heavily depends on its ability to entice creators to produce unique content and the potential of such content to attract more app users.
