Since the beginning of July, we’ve seen lots of speculation in the media, among influencers and pundits, about whether Threads would finally be the platform that kills Twitter. After more than 100 million users signed up within five days of the new app’s launch, Twitter’s demise seemed inevitable. Adding fuel to the fire was Twitter’s sudden rebranding to X in late July and the swirl of emotions ranging from confusion to anger as a result.
With many marketing and communications colleagues wondering how they should respond to recent events, here’s what we know:
- Although Threads saw huge numbers of people signing up for the platform initially, its user base has dropped 82% and currently sees about 8 million daily users.
- As of August 1, Threads users’ average daily time spent on the site is just 2.9 minutes per day.
- X currently has 353.9 million daily active users worldwide. However, since April 2023, user posting on Twitter has dropped about 25%.
- Threads doesn’t currently allow paid advertising on the platform.
- 90% of X’s 2022 revenue was generated via advertising services.
- X now offers an enhanced, verification user experience (X Blue) starting at $8/month as brands continue suspending or removing their advertising from the platform.
In 2023, the state of social media is fractured and fragmented, and often just feels confused. Social media, especially X, is no longer the place where news breaks.
At the end of the day, what does this mean for brands? Should you leave behind X and join Threads? Should you use both platforms? Take the following considerations into account as you re-strategize your social plan.
First, determine if it makes sense for your brand to use a Twitter-like platform. Does it match your target demographics and the type of information you need to share? If so, as long as you don’t have advertising dollars tied up, it’s safe (for now) to keep engaging with your audience on X.
Second, wait and see how things evolve before making any big changes. Although, to many, it feels like X is dying and Threads is flourishing, recent events have shown us how quickly things can change.
Finally, the X rebrand looks like it is here to stay, so you’ll need to update your website, email signatures, and other promotional materials with its new logo.