Social media platform Twitter will see an exodus of users for the next two years due to changes by new owner and chief executive officer Elon Musk and flat revenue growth, according to a report by Insider Intelligence on Tuesday.
Experts and users have had concerns about this twitters Ability to combat misinformation after laying off about half of its staff, including those involved in content moderation.
Twitter, which went private in October, will lose more users in the United States than any of the countries that insider intelligence tracks, the report said, adding that monthly users will fall to 50.5 million in 2024 , the lowest level since 2014.
“Next year, users will start abandoning the platform as they are frustrated by technical issues and the proliferation of hateful or otherwise objectionable content,” said Jasmine Enberg, senior analyst at Insider Intelligence.
The research firm said Twitter’s revenue growth will stagnate over the next two years as revenue and headcount losses have made it more difficult musk to deliver new products to increase usage and engagement on the platform.
Musk in November attributed a “massive drop in sales” to civil rights groups who have pressured brands to pause their Twitter ads. The social media company makes about 90 percent of its revenue from selling ads.
On Monday, the company dissolved its Trust and Safety Council, a volunteer group founded in 2016 to advise the social media platform on site decisions, according to an email verified by Reuters.
About half of the social media site’s workforce — around 3,700 employees — have been laid off since Elon Musk took over the company and embarked on a cost-cutting initiative. More than 1,000 have resigned, including Yoel Roth, the company’s former head of trust and safety.
“As Twitter enters a new phase, we’re reassessing how best to incorporate external insights into our product and policy development work. As part of this process we have decided that the Trust and Safety Council is not the best structure to do this. ‘ said an email sent to members of the Trust and Safety Council and seen by Reuters. A Twitter page for the group has been deleted.
According to a web archive of the site, the council was made up of various civil rights organizations, academics, and other bodies that advocated security and advised Twitter on the development of products, programs, and rules.
© Thomson Reuters 2022
Join us for the latest from the Consumer Electronics Show on Gadgets 360 CES 2023 hub.
