Twitter sees ad spending shrink by 71% in December

Data from Standard Media Index (SMI) has it that advertising spend on Twitter Inc dropped by 71% in December.

Data from the advertising research firm comes as top advertisers have slashed their spending on Twitter after Elon Musk’s takeover.

Twitter has been working hard to reverse the dire advertising fall, introducing free ads, lifting a ban on political ads and letting companies have greater control over their ads.

According to the SMI, ad spending on Twitter in November fell 55% last year.

Fourteen of the top 30 advertisers on Twitter stopped all advertising on the platform after Musk took charge on Oct. 27, according to another advertising research firm Pathmatics.

In November, Musk blamed activist groups for pressuring advertisers to pull ads on the social media platform.

Ad sales account for about 90% of Twitter’s revenue.

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