WASHINGTON (Pakistan Point News / Sputnik - 18th January, 2023) More than three dozen sports companies, media and news outlets intend to strike content sponsorship deals with Twitter in the first half of 2023 in a sign that the social media platform still holds business potential after its acquisition by entrepreneur Elon Musk, Axios reported on Tuesday.
More than three dozen entities including the National Football League, National Basketball Association, ESPN, Axios, Bloomberg, Disney and Paramount are set to advertise through the platform in the coming months, the report said, citing a schedule of events shared with ad partners.
Companies brokered multiyear deals with Twitter prior to Musk's acquisition of the platform, with some deals such as the NFL's worth seven figures if they run their full course, the report said.
Although there is little financial detriment to continuing the deals with Twitter, companies are reluctant to broadcast the agreements over fears of damaging their reputations by linking themselves to Musk, the report said.
Musk's multibillion-dollar acquisition of Twitter was met with pushback by some public officials and personalities, who criticized his positions on freedom of speech and questioned possible ties to foreign governments.
Some advertising categories on Twitter experienced a 30%-60% year-on-year decline in advertisers last quarter, the report said. However, the number of active US media and entertainment advertisers dropped less than 15%, the report said.
Twitter has proven itself a platform too useful for companies to abandon, with most efforts by media organizations to leave lasting briefly, the report said.
