The Myers Report's 2023 Survey: "X" (formerly Twitter) Faces Declining Confidence Among Ad Buyers

NEW YORK, Sept. 7, 2023 /PRNewswire/ -- A recently conducted survey by The Myers Report, the preeminent B2B research and strategic intelligence resource in the media industry, unveiled significant findings regarding the perception of "X," previously known as Twitter. Over 4,200 advertising professionals participated in the survey, and among them, 500+ social media ad buyers pinpointed key concerns over "X."

Key Insights:

• 47% of respondents believe that "X" is "not performing" or "could be better," compared to a 15% industry average for social media platforms.
• Top three challenges for "X": Concerns Over Brand Safety (59%), Lack of Innovative/Creative Opportunities (55%), and Inefficient Sales Teams and Relationships (50%).
• Ad buyers from 14 top-tier agencies indicate plans to reduce their investment in "X" by an average of 43% in the next 6-12 months.

Stacey Lynn Schulman, Market Intelligence Lead for MediaVillage Education Foundation, the non-profit organization that underwrites The Myers Report research, stated: "The transition of Twitter to "X" hasn't gone as smoothly as hoped. From consumer confusion over branding to dwindling advertiser revenue and concerns over brand safety and innovation, the challenges are evident."

The unexpected rebranding of Twitter to "X" by Elon Musk in July, heralding it as a platform of "unlimited interactivity," appears to be faltering, with only the name and logo undergoing evident changes. Industry insiders speculate if this move was a tactic to divert attention from Meta's new product, Threads.

Despite "X" CEO Linda Yaccarino's optimism, initial feedback suggests a misaligned brand perception in the advertising community. Yaccarino's high-profile move from NBCUniversal to the "X" CEO-ship has not yet had the intended effect of turning advertising investors around. Social media buyers and planners across 14 top-tier agencies say they plan to decrease their current investment by an average of -43% over the next six to twelve months in light of recent executive management changes. Schulman believes that the upcoming months will be pivotal for "X" to reestablish its identity and regain advertiser trust.

The Myers Report survey revealed that nearly HALF (47%) believe that Twitter, now "X," is "not performing" for marketers or "could be better." This contrasts significantly with the social media industry average of 15%. The top three reasons behind this underperformance are Concerns Over Brand Safety (59%), Lack of Innovative/Creative Opportunities (55%) and Lack of Quality Sales Teams and Personal Relationships (50%).

Schulman acknowledges "In an ever-evolving digital landscape, Twitter's metamorphosis into "X" represents a bold stride toward redefinition and expansion. However," she adds, "the initial feedback from consumers and industry stakeholders suggests a disjointed brand perception, with concerns primarily centered around brand safety, innovation, and sales relationships."

Jack Myers, founder of MediaVillage Education Foundation, emphasizes: "The Myers Report has consistently unveiled predictive industry insights since the 1980s. The current study, given the situation with "X," is exceptionally illuminating on how brand perceptions can directly affect revenues."

Source: The Myers Report, Team Preparation and Readiness Assessment Survey 2023.

For more details on The Myers Report and MediaVillage Education Foundation:

- Contact Jack Myers at [email protected]

- For press inquiries, reach Diane Stefani at [email protected]

About MediaVillage Education Foundation:

A 501c3 nonprofit, MediaVillage Education Foundation propels a culture of learning and diversity in the media sector. They champion team preparation, advanced B2B marketing technology, and professional development. Learn more at www.aboutmediavillage.com and follow on LinkedIn, Instagram, and Facebook.

SOURCE MediaVillage