Science & Technology

X Plans to Compete With Youtube and LinkedIn

The executives of the social network X, which before the renaming was known around the world as Twitter, made a very ambitious and very intriguing statement that this virtual platform is currently exploring the possibilities of transforming the concept of functioning and positioning, which may result in the beginning of competition with services such as YouTube and LinkedIn.

X Plans to Compete With Youtube and LinkedIn

This platform is considering options for rethinking its activities in the sphere, working with video materials in the digital space. The company also intends to make changes in the practice of hiring staff.

The media, citing an insider aware of the intentions of the management of the social network, reported that the current owner of the virtual platform, Elon Musk, and the chief executive officer of the brand, Linda Yaccarino, last Thursday, October 26, during a corporate meeting dedicated to the first anniversary of the change of ownership of X, have mentioned YouTube and LinkedIn. There ambitions, which are so far known only in the format of anonymous data from a private informant, are not limited to.

The media also reported that Elon Musk and Linda Yaccarino announced plans to create a news service called XWire during the mentioned event, which could become a competitor to the PR service Cision Newswire. The insider used his right to anonymity, noting that current plans for the development of the social network are discussed exclusively within the boundaries of the internal corporate space and have a kind of status of information not intended for publication in the public plane.

The media also reported that the event in honor of the year since the takeover of the virtual platform by Elon Musk was the first time the billionaire, and Linda Yaccarino, who was hired as CEO of X this year after working at NBCUniversal in the status of responsible for advertising and interaction with partners, spoke together in front of the entire company.

Mr. Musk, who is currently one of the richest people in the world, signed a deal to privatize the social network on October 27, 2022. The value of this transaction amounted to $ 44 billion. After becoming the owner of the virtual platform, Elon Musk fired most of the company’s then-executives. Also, according to experts, his approach has caused separate dismissals of some employees of the brand. After the change of ownership, many advertisers stopped cooperating with the social network and stated that they had no desire to resume interaction with the virtual platform.

Elon Musk and Linda Yaccarino claimed a record amount of time spent by users in X. According to them, the total number of those who interact with the social network in a consumer format is 500 million people. At the same time, independent sources claim that the current level of audience engagement is lower than last year’s figures recorded before October 27, 2022.

Linda Yaccarino is currently focused on interacting with advertisers and has already stated that there is some progress in this direction. Elon Musk, as part of his activities as the owner of a social network, demonstrates his intentions to change the functioning of the virtual platform by advertising premium subscriptions, adjusting the meaning of account verification, and betting on a crowdsourcing fact-checking system called Community Notes.

It is not yet clear what form and content X solutions, previously designated as competitors of YouTube, LinkedIn, and PR Newswire, will have. There is no specific information on this issue yet.

In a joint internal note by Elon Musk and Linda Yaccarino, sent to employees of the social network and caught the attention of journalists, it is indicated that the company is currently in a state of growth. This note also notes the fact of the implementation of ten-year innovations in just 12 months. Probably, in this case, it means the introduction of new solutions in record time.

The executives of the social network also paid attention to the brand’s payment ambitions as part of their communication with employees, noting that existing financial instruments provide more opportunities for individuals and businesses.

Serhii Mikhailov

2353 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.