Elon Musk-owned Twitter is trying to reassure nervous advertisers yet again as the social media company tries to shore up revenue and regain financial health after a rocky takeover by the Tesla and SpaceX founder.
What Happened: Twitter has launched a new process to attract advertisers to its platform. The company's vice president for global sales, Chris Riedy, tweeted on Tuesday that a new "request for proposal" (RFP) process has been launched to undertake new partnerships with brands.
This comes after Twitter's US advertising revenue plummeted by 59% in April, according to a report by The New York Times.
Why It Matters: Earlier in April, Musk had tried to reassure advertisers that Twitter is a safe place for advertisers after the company revamped its content moderation policies to restrict the reach of content deemed as "hateful".
Subsequently, in May, Musk brought on NBCUniversal veteran Linda Yaccarino as the Twitter CEO. Following this, GroupM, one of the largest ad buyers in the world, announced that Twitter is no longer "high risk," reported The Financial Times.
Bringing on Yaccarino is already showing results – according to Musk, the advertisers who left after he took over are coming back, reported The Wall Street Journal.
While Musk has been clear about his stance on censorship, advertisers are now likely to get more control over the kind of content and Twitter accounts their advertisements will appear with. This should help them not be associated with hateful content while still giving them the reach Twitter offers.
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