X engages less with Musk: its use falls 8% in the last year while the rest of the networks grow

Elon Musk recently completed one year at the helm of x (before Twitter). The most important of the South African tycoon’s objectives at that time was to create the little bird’s social network. more profitable. However, of all the major social networks, X is the only one that is used less than a year agoaccording to data from the North American consulting firm Sensor Tower (ST).

During the third quarter of 2023, users around the world have used x on average over a total of 96 million hours a day, which represents a decrease of 8% compared to the same period of the previous year. Furthermore, this social network microblogging It also fares poorly in comparison with the previous quarter (-6% usage). It is the only social network whose use also decreased compared to the last quarter. The time that users spend on each social network is not immediately synonymous with income, but it is a key factor to attract advertising and advertisers.

On the other hand, social networks Goal exhibit muscle: Facebookused between July and September 1.30 billion hours a day, grew 9% in that period over the previous year and 4% compared to April, May and June. While, instagram It engaged users 1.11 billion hours a day, growing 29% year-on-year and 5% over the last quarter. And finally, snapchatwhich belongs to Snapadded 120 million hours a day, which allowed it to grow 10% annually and remain at the same level as the previous quarter.

(Elon Musk’s hectic first year on Twitter: rebranding, new policies, but the same controversies)

On its side, the Chinese social network TikTokto which users connected for 1.16 billion hours a day during the third quarter, had annual growth of 13% and quarter-on-quarter growth of 3%.

According to what Ángel Barbero, professor at EAE Business School, told EL ESPAÑOL-Invertia, the “very evident” changes that Musk has permeated the company during this first year show that its strategy is characterized by “improvisation” and some “too basic” objectives: from layoffs massive losses and lurches in business strategy, to the usual controversies around freedom of expression.

Musk even noted in a tweet: “Unfortunately, there is no alternative when the company is losing more than four million dollars a day”, in reference to staff reduction.

And, as Barbero points out, despite the magnate’s obsession with the profitability of his social network, the income of x due to advertising they have been diminished 27% during 2023.

However, losing money is a common situation for this social network: as can be seen in its annual accounts, the company It has only made profits in 2018 and in 2019 worth 1,200 and 1,400 million euros, respectively. Then, in 2020, Twitter lost 1,136 million euros. This figure was reduced to 221 million in 2021. Regarding income, 5,000 million euros came into cash during the last year. This variable only stopped increasing in 2017.

According to ST, which does not provide more detailed data, both Meta and Snap exceeded their profit and revenue forecasts thanks to a rebound in the company’s revenue. advertising. The Reels attracted users, with an increase in hours of use of instagram which was double that of other platforms Goal. Zuckerberg’s company recorded the best quarter in profits in its history.

According to the consulting firm in its report, Meta’s top manager declared: “The Reels Have contributed more than 40% increase in time spent on instagram since its launch, which shows the effectiveness of this video modality in attracting users.” Data corroborated by ST, which also states that the time spent using Instagram has increased by 44% since the third quarter of 2020when the reels were put into operation.