Despite losing millions of users to other apps, despite losing millions of dollars in ad revenue, and despite struggling to build its slate of original video programming. Despite all of this, X continues to tell us that everything’s all good, and in fact, better than ever, as it seeks to rebrand and remarket the former bird app.
This week, X has once again touted its great success throughout 2024, despite, again, many, many indicators suggesting that the platform is on track to post a significant financial loss for the year.
As per X:
“X has not just evolved: it has transformed into a powerhouse of engagement and meaningful conversations. As a result, the advertisers that returned in 2024 are showing signs that they are here for the long haul!”
I don’t even know how an advertiser would show signs that they’re in for the long haul, but X has shared some new data points and insights which it claims show that it is indeed on the right track.
First off, X says that video views are way up this year, a stat that its shared previously.
“UAS” is user active seconds, which is a questionable stat we’ve previously explored in more depth.
X also says that its gaining traction with Gen Z users, which “reflects the progress we’ve made in building long-term success for X, delivering content, community and innovations that cater to this new wave of consumers.”
But this chart:
Doesn’t really make a lot of sense without any further context or reference to the source. Is this saying that Gen Z users who use X every day log into these other apps at these rates? If so, then that’s not really much of an endorsement of anything, and if the claim is that all users of all of these other apps also log into X every day, there’s no way that’s true, because X’s daily active usage is significantly lower than several of these apps.
X also claims to have launched a heap of “game-changing” innovations his year:
Which is another confusing claim that X has repeatedly made, that its innovating at some stupendous rate, and breaking industry norms with its releases. But it’s not really. X, as a platform, remains fundamentally the same as it was when it was called Twitter, and none of these updates, outside of Community Notes, is significantly different than what other apps have launched first.
And Community Notes was already a part of Twitter, so its not like its new. And while X is keen to talk up its change in approach, and rapid innovation, I don’t see any significant advances in the app. And clearly, given that it continues to lose users, others don’t either.
X has also praised its original content push:
“With exclusive content as one of our key drivers, we raised the bar this year through our Originals on X series. The mission is clear: we’re creating long-term value attracting new users to experience exclusive content only here. Projects like The Offseason, the All In Boston Celtics docuseries and collaborations with cultural icons like Jim Rome captured audiences and drove deeper engagement across the platform, proving that storytelling on X was a big hit in 2024.”
I think X was holping that Linda Yaccarino’s experience and connections, based on her years of working NBCUniversal, would yield a slate of new programming for the app, but thus far, the results have been pretty disappointing. X has signed content deals with Paris Hilton, a lesser Kardashian, The Big 3, and several right wing commentators who had previously been cast off by mainstream outlets. And the result has been a few shows.
Maybe X will be able to ramp up its original programming efforts in 2024, but five exclusive originals, for an element that’s a “key driver”, doesn’t seem all that impressive.
X has also shared a listing of the most engaged “gold verified brands”:
Gold verified being the brands that are paying top dollar to use the app, via X’s verification program.
Oh wow, SpaceX, you don’t say.
X has also shared a listing of the most discussed topics in the app:
Sports remains X’s saving grace, with so many sports fans now habitually aligned with the app for keeping up with the latest news, and tracking comments while watching live events. Without that, X would be in serious trouble, but again, X is re-framing its struggles as success.
Though I guess, what else is it supposed to do.
Look, despite my clear cynicism, X is a relative success. The fact that the platform has culled 80% of its staff, and it hasn’t collapsed outright is significant, no matter how you look at it, while it also claims to have more than 570 million users, which is a huge audience. And despite new challengers, X remains a critical connector for many communities, and that, in itself, is of value to many brands and advertisers around the world.
X is, in relative terms, doing okay considering, even though it is on track to post a loss this year, and I do get that it has to frame everything in sunny motifs. But it’s overly optimistic, and often false claims also don’t do much to imbue trust and faith in the app.
Essentially, X is amplifying claims that are not true, or are blatantly selective. That’s not to say that it needs to acknowledge every negative, but for a platform that continually criticizes every other outlet as promoting fake news, this does seem to be a flaw in its own comms plan.
Because every time it makes one of these claims, it makes you question all of its other data points.
But I do get it, and I do also think that there will be opportunity for brands in X in 2025, if that’s where your audience is engaging.
If X remains in business, that is (though I suspect it will).