Twitter Inc is offering advertisers incentives to increase their spending on the platform

Twitter Inc is offering advertisers incentives to increase their spending on the platform

Twitter Inc. is providing advertisers incentives to raise their spending on the platform, according to an email sent on Thursday to advertising agencies, in an effort to jump-start its business after Elon Musk’s takeover forced many corporations to pull back. Details of the incentive program were initially published in the newsletter Marketing Brew.

Twitter billed the offer as the “biggest advertiser incentive ever on Twitter,” according to the email reviewed by Reuters. U.S. advertisers who book $500,000 in incremental spending will qualify to have their spending matched with a “100% value add,” up to a $1 million cap, the email said.

Musk’s first month as Twitter’s owner has involved a reduction of workers, including employees who work on content moderation, and incidences of spammers impersonating prominent public firms, which has worried the advertising industry. Many corporations, from General Mills Inc. to luxury manufacturer Audi of America, have ceased or paused advertising on Twitter since the acquisition, and Musk claimed in November that the company had suffered a “massive” decline in revenue.

Ad sales account for nearly 90% of Twitter’s revenue. Twitter did not immediately respond to a Reuters request for comment. Advertisers in Britain and Japan who booked $250,000 in incremental expenditure would earn a 100% match, while businesses in all other locations that spent $50,000 would receive the match, according to the email. Earlier in October, Musk said he wanted Twitter to be “the most respected advertising platform” and not a “free-for-all hellscape,” in an effort to secure the trust of ad buyers ahead of the closure of his transaction.