Twitter has experienced some tough times of late. Their number of monthly users has dropped and overall growth has slowed down. Their share price has fallen by nearly 20% and just today they ‘accidentally’ blocked the account of its co-founder and CEO, Jack Dorsey.
So, what does the social network have planned for growth in 2017? Video, video and more video. Twitter’s Australian Managing Director, Suzy Nicoletti told Fairfax Media live streaming is the focus for driving new users, engaging existing users and increasing revenue opportunities.
This year Twitter has had a strong focus on sport, live streaming 10 NFL matches over season 2016/17. They also live streamed our very own Melbourne Cup and are in talks with other Australian codes including Football Federation Australia and Cricket Australia.
Is this enough to survive the ever-evolving world of social media? Looking at just sport for the moment, Twitter is going to need to fork out billions to keep up with television and radio networks in Australia and around the world. The only way they could come out a winner is by obtaining exclusive rights to a major sporting event, just like Optus has with the English Premier League in Australia.
The social media platform has shared plans to take its video into the entertainment and news industries. Entertainment could be a tough nut to crack with its existing popularity and success on Facebook (Facebook Live), Snapchat and the soon to be launched, Instagram Live. News, on the other hand, could be a winner. Most of the videos we see on other platforms are more entertainment and lifestyle focused so this gives Twitter a great opportunity to snap up something the other platforms haven’t quite nailed yet.
Given the direction Twitter is taking, it might be time to think about whether or not it is still a relevant platform for your brand.