Twitter revamps business strategy to focus on video and commerce 

Twitter's owner Elon Musk and new Chief Executive Linda Yaccarino have revealed plans to revamp the social media company's business beyond digital advertising. The strategy involves a renewed focus on video, creator, and commerce partnerships, reported Reuters.   

As per the report, Twitter's CEO, Yaccarino, announced on Thursday during an investors presentation that the company is currently engaging in initial talks with political and entertainment figures, payments services, and news and media publishers regarding potential partnerships.   

Yaccarino, who assumed the position of CEO on June 5, made her debut by addressing the company's investors during the presentation.   

Following Musk's acquisition of Twitter, the social media platform faced a period of turmoil, including mass layoffs, scrutiny over inadequate content moderation, and the departure of numerous advertisers who were concerned about their ads being displayed alongside inappropriate content.  

Musk's recent appointment of Linda Yaccarino, an experienced advertising executive who modernized ad sales at NBCUniversal, indicates that Twitter is still committed to prioritising digital advertising.   

Following Musk's takeover, several ad-buying firms advised their clients to halt their ad spending on Twitter. According to a presentation viewed by Reuters, the major advertising holding companies are currently not recommending a pause, reversing their previous recommendations.  

Several renowned brands such as Warner Bros, Mondelez, McDonald's, and Walmart have resumed their advertising campaigns on Twitter after a temporary halt.   

The report states that Yaccarino has informed investors that there has been a significant increase in ad spending in various advertiser categories, such as health, consumer packaged goods, and financial services, with a year-over-year surge of at least 40%.  

Moreover, in a tweet on Saturday Elon Musk also confirmed that the social media platform is currently developing a video application for smart TVs, aligning with their recent strategy to prioritise the expansion of video content on the platform.

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Twitter's plan for a new video app for smart TVs also highlights the platform's growing emphasis on video content. In recent years, Twitter has made significant investments in video, which includes the introduction of its very own live-streaming platform, Periscope. The tech company is currently developing several additional features aimed at enhancing the user experience of watching and distributing videos on the Twitter platform.