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In the realm of social media, where users are seasoned with constant updates, the past year has been particularly eventful for what was once known as Twitter. Under the guidance of Elon Musk, the platform transformed, rebranding itself from Twitter to “X, the everything app.”
Twitter or X introduced extended post lengths, video and audio calls. However, this transition also brought various limitations for free users, including restrictions on daily tweet and post readings. As we mark the first anniversary of Musk’s Twitter takeover, it’s essential to reflect on this journey and its implications.
Initially, enthusiasm surrounding the rebranded platform. But data reveals that X’s journey under Elon Musk’s leadership has been far from smooth. Analytics from Sensor Tower show that daily active mobile users on X dropped by approximately 15% in the year since October 2022. In contrast, competitors like YouTube, Snapchat, Instagram, TikTok, and Facebook experienced growth during the same period.
The challenge of transformation from Twitter to Everything app
The transformation of Twitter into X brought forth a mix of changes that catered to different user groups. Premium users, who enjoy extended perks and features, are now three times more likely to stay engaged on the platform. The company incentivized creators with payouts amounting to $20 million. However, external research painted a less rosy picture. X claimed that advertisers were making a comeback, but a Reuters report contradicted this claim, stating that ad revenue was actually on the decline.
Another challenge that X faces is combating misinformation. Regulators in various parts of the world have expressed dissatisfaction with the platform’s efforts to fight the spread of false information. The EU, for example, found that X was struggling in this regard.
The Road Ahead for Everything app
As X completes its first year under Musk’s leadership, the company is looking to the future. It envisions itself as the “everything app,” with plans to develop a Payments feature for transactions and purchases. Linda Yaccarino, the CEO of X, hopes to make money flow as freely as information and conversation, aiming to create a global payment system with initial money transmitter licenses secured in multiple states.
The journey from Twitter to X has been marked by both challenges and aspirations. As the platform navigates this transformative phase, the next year will be crucial in determining whether X can regain the momentum it once had as Twitter and establish itself as the “everything app” envisioned by Elon Musk.