Musk hired NBCUniversal's Linda Yaccarino earlier this year to turn losses into profits and it seems to be already working on a viable plan.
Citing an investor presentation by Musk and CEO Yaccarino, internatioonal news agency reported that the social media company is now planning to focus on videos, creator and commerce partnerships, along with digital advertising, to bolster the company's business.Yaccarino's first address with investorsIn her presentation during her first time addressing the company's investors, Yaccarino said that "the company is in early conversations with political and entertainment figures, payments services and news and media publishers on potential partnerships", Reuters said.Videos are an important part of Musk's vision to create a "super app" (like China's WeChat). One of the slides in the presentation said that Twitter is applying for "money transmitter licences" in all 50 US states.According to the company, vertical video now accounts for more than 10% of time spent on Twitter. Musk has already announced support for long video formats and some payments for verified content creators. Recently, 'Musk has also announced that a Twitter video app for smart TVs is coming. While replying to a tweet in which a person said that he would like to watch an hour-long video on smart TV and not on Twitter, Musk replied, "It's coming".One slide of the presentation said that vertical video accounted for more than 10% of time spent on Twitter.Advertising back on TwitterThe hiring of Yaccarino – an advertising executive who modernised ad sales in her previous organisation – was seen as a move to bring advertisers back on the platform.Earlier this year, Musk claimed that advertisers were coming back on the platform and Yaccarino's hiring may also have a positive impact.Yaccarino told investors that ad spending in several advertiser categories is now up at least 40% year-over-year. These categories include health, consumer packaged goods and financial services, the publication quoted a source as saying.Citing a slide on the presentation, the report said that brands such as Warner Bros, Mondelez, McDonald's and Walmart have resumed advertising on Twitter. Another slide noted that the recommendations by ad agencies for pausing advertising on Twitter have been reversed.