Unveiling the Numbers
X, the social media platform once known as Twitter and now in the hands of tech titan Elon Musk, has made grand claims about its indispensability. Touting 250 million daily users and an average user spending 30 minutes on the platform daily, X shared impressive statistics about its daily active user minutes and user engagement.
In 2024, X has seen an exceptional surge with over eight billion daily active user minutes, marking a 10% increase from the previous year. The platform also noted a significant rise in user time spent on mobile devices.
Doubts and Skepticism
Despite the astronomical figures, some users have raised concerns regarding the platform’s financial health. Questions have surfaced about X’s ability to monetize its massive user base and generate substantial revenue to sustain its operations.
While X boasts top engagement topics like Sports, Gaming, Food, and Music, and reports enhanced user interaction with brands, skepticism lingers among users about the authenticity of the platform’s claims.
Financial Challenges
Recent history reveals a rocky financial road for X, with a reported decline in advertising revenue in 2023. The platform struggled to surpass the $600 million mark per quarter, a sharp drop from the $1 billion recorded in 2022. This downturn was compounded by controversies surrounding Musk’s posts and decisions to lift bans on policy-violating users.
Major corporations like Apple Inc. and Walt Disney Co. suspended their ad spending on X, reflecting wider concerns about the platform’s financial viability amidst regulatory and user dissatisfaction.