Super Bowl 2023: Elon Musk pushes to bring advertisers back to Twitter during showcase
Christopher Hutton
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Twitter is using Super Bowl weekend as an opportunity to draw back several of its lost advertisers as it struggles to find reliable sources of revenue to pay off Elon Musk’s $44 billion purchase of the company.
The social platform is attempting to draw advertisers back by offering them a three-day Super Bowl weekend ad package, according to the Wall Street Journal. The company would match $250,000 over the three-day weekend for packages that would run their advertisements before NFL highlight reels. The Super Bowl is considered one of the largest advertising weekends and could be a chance for Twitter to earn the trust among the clients who stepped away over Elon Musk’s erratic behavior.
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“It’s Twitter’s moment. It’s the one weekend where they are the platform that all the attention is shifting to,” Nick Miaritis, executive vice president at the advertising firm VaynerMedia said. “It is the water cooler for the world.”
The company has scored at least two million-dollar deals for the weekend with PepsiCo and Anheuser-Busch, according to the Information.
Advertisers have been hesitant to return to Twitter due to Musk’s approach to content moderation. At least one major advertising firm saw its spending drop by 40%-50% after Musk took over the company in October. Several hundred brands have also put their Twitter advertising campaigns on pause. This led to a significant cut in the company’s revenue and has forced it to change several aspects of its behavior to find new revenue. This includes allowing political advertising, charging for access to its API, and a stronger emphasis on promoting the premium service Twitter Blue.
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Twitter made its first payment on Wednesday regarding the $13 billion debt the company acquired after Musk purchased it for $44 billion in October.