By Sensor Tower reports a surge in ad spending on Instagram by major firms like Walt Disney and Comcast. This move follows a pause in advertising on X last month due to concerns over antisemitic content. Thus, this in turn showed a shift among marketers away from Elon Musk’s platform.
During the two weeks from Nov. 20, Disney and Comcast increased their U.S. spending on Meta’s app by 40% and around 6.
Paramount, on the other hand, tripled its expenditure on Snapchat. These numbers highlight the obstacle confronting Musk, especially after his heated outburst in late November directed at advertisers abandoning X (formerly Twitter).
Several advertisers left the platform after the billionaire supported an antisemitic post falsely accusing the Jewish community of inciting hatred against white people. He apologized for sharing the post.
Requests for comment were unanswered by Disney, Comcast, Paramount, and X.
Sensor Tower’s findings revealed that among the top 100 U.S. advertisers on X since Musk’s acquisition in October last year, 51 ceased advertising by November 2023
Despite stable user engagement, the platform experienced a 16% decrease in monthly active users since the acquisition, according to the market intelligence firm.
Bloomberg News indicated on Tuesday that X’s ad revenue for this year is expected to plummet significantly to approximately $2.5 billion.
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