Last Updated on November 14, 2022 by Bitfinsider
Elon Musk’s aerospace company SpaceX has purchased one of the largest advertising packages offered by Twitter, the social media company he recently purchased for $44 billion and where he now serves as CEO.
The campaign will advertise the Starlink satellite internet service, which is owned and operated by SpaceX, on Twitter in Spain and Australia, according to internal social media business documents acquired by Bitfinsider.
The advertising campaign SpaceX is purchasing to promote Starlink is known as a “takeover” of Twitter. When a company purchases one of these packages, they typically pay upwards of $250,000 to place their brand at the top of the main Twitter timeline for an entire day, according to one current and one former Twitter employee who requested anonymity because they were not authorized to speak on the company’s behalf.
The first three times a user opens the Twitter app on the day or days of the planned takeover campaign in Australia and Spain, they should see Starlink brand messaging. The campaign, which was purchased over the past week, was scheduled to air in Australia and Spain in the following days.
According to current and former employees, SpaceX has not traditionally acquired huge Twitter advertising packages.
Starlink employs a constellation of satellites to transmit internet to subscribing users who must also get terminals from SpaceX. SpaceX created Starlink with the intention of bringing high-speed internet access to areas that are poorly or not at all covered by cable or fiber-optic infrastructure.
Musk is also the CEO of Tesla, a manufacturer of electric vehicles, in addition to his roles at SpaceX and Twitter. He has claimed loudly that his automobile company spends no money on traditional advertising like as print, radio, television, and online display commercials. Instead, Tesla generates excitement through automobile clubs, fan or shareholder gatherings, and social media participation.
Musk is now in a position where he must sell online advertising as the “Chief Twit” or CEO of Twitter, which remains a prominent international social media network. Before Musk’s acrimonious take-private agreement, Twitter had approximately 237.8 million monetizable daily active users. Musk’s goal is to create at least 50 percent of Twitter’s revenue through subscribers, as opposed to advertising alone.
One campaign, especially one as large as a “takeover,” is insufficient to make up for the numerous advertisers who have recently halted spending on Twitter or departed the network during Musk’s turbulent takeover.
General Motors, Audi, Volkswagen, General Mills, Pfizer, and United Airlines, among others, have temporarily suspended their advertising investment on Twitter in response to an outpouring of hate speech and disinformation on the network. The advertising conglomerate Interpublic Group suggested that its clients do the same. Historically, approximately 90 percent of Twitter’s revenue came from advertising.
Musk’s debut and subsequent suspension of a premium subscriber badge on Twitter last week further eroded marketers’ confidence in the network. The emblem resembled a previous blue verification checkmark, but it only cost consumers $7.99 a month. Pranksters and impostors posed as brands, politicians, and celebrities and posted unpleasant and false remarks using blue check marks obtained on the cheap.
On Thursday, an account impersonating the pharmaceutical corporation Eli Lilly posted the statement, “We are delighted to announce that insulin is now free.” This caused a significant problem. The tweet went viral and lasted on Twitter for a minimum of two hours before being removed. Later, the official Eli Lilly Twitter account stated, “We apologize to individuals who received a false message from a bogus Lilly account.”
Although major market indices were favorable at the time, with the S&P 500 seeing its largest increase in two years, the stock price of Eli Lilly fell dramatically after the bogus tweet was released. Musk’s company Tesla, SpaceX rival Lockheed Martin, Massachusetts Democrat Sen. Ed Markey, and numerous others were also impersonated and ridiculed on the platform.
Musk tweeted over the weekend, “Twitter drives an enormous number of hits to other websites/apps. “By far the largest click generator on the Internet.” A correction note was appended to the post of the new Twitter CEO, who was swiftly corrected by marketing gurus and former Twitter employees. He deleted the tweet afterwards.
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