Despite reports of limited growth at X, the platform is seeing record-high engagement numbers for the Olympics, showcasing the ad placement opportunities this provides for its partners.
According to X, “A global audience tuned in on X to participate in the vibrant conversation. Fans, commentators, brands, and athletes alike all joined in to share memes and reactions around the monumental Opening Ceremony.”
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This interest has carried into the Games, with X reporting that 87% of its users plan to follow the event.
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To help brands leverage the Olympics excitement, the platform has introduced a new 'Portal to Paris' activation, showcasing all the Olympics trends and clips in one dedicated space.
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While the video aspect is challenging, as X owner Elon Musk has criticised the International Olympic Committee’s (IOC) restrictions on event video clips, X states that brands can leverage this by advertising within the stream and utilising its new 'Trend Genius' ad offering to place their ads alongside trending topics.
The Olympics represents a crucial opportunity for X, which is currently struggling to attract advertisers who are hesitant to place their promotions on the app. Additionally, as highlighted in a recent New York Times report, X is heavily relying on the Games to increase its ad revenue, hoping that the associated buzz will ideally attract more advertiser interest.
Recent reports suggest that the platform earned $114 million in U.S. revenue in Q2, a 25% decrease from Q1 and a 53% decline from the previous year.