It was once one of the most-loved social media platforms around, but X, formerly known as Twitter, seems to have lost its popularity, particularly in recent months.
The New York Times reported that in the second quarter of 2022, X made $661 million, however, the platform made only $114 million in revenue in the U.S. during the second quarter of 2024.
Plus, users of X seem to be leaving the platform in their droves. Niamh Conneely, Senior Social Media Executive at Brandnation says: “X has seen shifts in both user behaviour and brand confidence. Musk claims of X reaching new heights and achieving record user engagement, however, the data shows otherwise; active daily users in the UK have dropped from 8 million last year to just 5.6 million, suggesting a decrease in platform engagement.”
According to analytics platform Similarweb, U.S-based active users on X have decreased by around 20% over the past 16 months.
From Twitter to X
Twitter, which launched in 2006 as a microblogging service by Jack Dorsey, Evan Williams, and Biz Stone, was bought by Billionaire Elon Musk In 2022 for an eye watering $44 billion. In 2016, Twitter’s classification changed from Social Media to News and in 2023, Twitter became X with the famous blue-bird logo transforming into a simple black X.
About the author
Simarin Tandon | Performance and Digital Marketing Manager
Having worked with brands across the Beauty &Wellness, FMCG, FinTech, and Home & Lifestyle sectors, Simarin focuses on driving acquisition and growth, whilst managing the performance team at brandnation.
A curious marketer, Simarin is always on the pulse when it comes to performance and digital updates across both paid and organic platforms.
Arguably, the change from Twitter to X may have driven people away; after all, such a huge brand identity can be confusing. Plus, Elon’s many controversial statements have sparked huge debates and public arguments. In fact, his posts actually led to a number of advertisers pulling the plug on their X ads.
Niamh says that while X is one of the most popular social media platforms globally, Elon Musk’s unpredictable behaviour after acquiring the company ‘initially drove many brands and users away’.
“Many brands, particularly those with larger advertising budgets, have scaled back or paused activity on X due to concerns about disinformation, content moderation and unpredictable policy changes. These concerns are certainly valid, and they create a sense of uncertainty for both users and brands.”
With fewer ads and fewer users, comes less revenue.
Niamh adds: “For many, including myself, the rise of TikTok and other social media platforms has made it challenging to manage multiple accounts, leading to X taking a back seat.”
In fact, TikTok reached 1.5 billion users in 2023, a 16% increase on 2022, according to Statistica. Plus, as of April 2024, Instagram has over 2 billion monthly active users and over 500 million daily active users.
Working with brands
Brands constantly evaluate platforms based on their effectiveness, user engagement, and relevance to their goals. While X (formerly Twitter) has undeniably faced significant challenges since Elon Musk’s acquisition, the answer to whether brands should give up on it isn’t as straightforward as a simple “yes” or “no”.
“X still holds relevance for certain industries and audiences. For example, it remains a key platform for real-time news, political discourse and niche communities. It continues to be influential among specific demographics, especially in sectors like tech, media and entertainment. The platform’s quick text-driven format still appeals to users who value immediate updates and direct interaction.
“For brands, the decision to stay on X should align with their overall marketing goals. If your target audience is still active on the platform, X can still offer value in terms of visibility, customer engagement, and thought leadership. However, with the rise of other platforms like TikTok, it’s increasingly important to be strategic. Brands should focus on the platforms where they can engage their audience most effectively, rather than spreading themselves thin across multiple channels” says Niamh.
So, should we give up on X?
It isn’t that simple.
Ultimately, it’s not about completely abandoning X, but about making data-driven decisions that align with your audience’s preferences. Brands need to assess where they can build the strongest connections and whether X still fits into their strategy.
Niamh says “It would be interesting to hear from brands who have scaled back or stopped using X. What changes would make them reconsider? Is it too late for X to regain its place as a go-to platform for brands, or could new features help it reclaim some of its past relevance?”
Until then, the platform’s role in any brand’s marketing strategy will likely remain a case-by-case decision.
