Attempt to transform into a ‘video first’ platform
Musk also replied, “Release imminent.”
X corporate value plummets 72% after acquisition
“This year, X (formerly Twitter) will be reborn as a ‘video-first’ platform.”
Social Media X is releasing an application (app) that allows you to watch videos on TV like YouTube or Netflix. X, which had not achieved much success after being acquired by Tesla CEO Elon Musk (CEO, photo) in 2022, is challenging the ‘TV war in the living room’.
Fortune, an American business magazine, reported on the 8th (local time) that “X plans to release a TV app this week.” In an interview with Fortune, an CEO Musk also responded to a question about this report on X, saying, “Coming Soon.”
YouTube’s entry into the living room has shown remarkable success so far. According to Information Technology (IT) analysis company The Information, nearly half (45%) of U.S. YouTube users last year also watched YouTube videos on TV. In 2020, the number of users watching YouTube on TV was around 20%, but through the pandemic, the number of users who developed the habit of watching videos on screens larger than smartphones has increased significantly.
It is unclear how X, a latecomer, will endure competition not only from YouTube but also from Netflix. In July of last year, Twitter changed its name to ‘X’ and announced that it would be reborn as a ‘super app’ combining financial functions, but the results were not great. X is actively expanding its business in the video sector, including recently agreeing to produce video content with conservative former Fox News anchor Tucker Carlson.
X, which appeared as ‘Twitter’ in 2006, gained global popularity as a text-based social media with a limit of 280 characters per post, leading the early social media era. However, after losing out to Facebook, Instagram, and YouTube, it was acquired by CEO Musk in October 2022.
However, even since then, as of December of last year, the corporate value of In particular, the local market estimates that it has fallen into greater difficulties due to ‘owner risk’, with large advertisers leaving in droves due to Musk’s anti-Semitism and far-right remarks.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.