X is not doing well in the UK. This was the major revenue stream for the social network prior to Elon Musk’s acquisition.
According to accounts filed with the UK company, it was still named Twitter UK Ltd, which had collapsed in 2023 with the revenue and profits of X’s UK companies.
The company saw a decline in revenue in reducing advertising spending on the platform as a result of concerns about “brand safety and/or content moderation,” the Guardian reported.
Total revenues fell 66.3% in 2023, down from £69.1 million ($91.6 million) to £253 million ($272.3 million) the previous year. Profits fell to 1.2 million pounds ($1.6 million) from £5.6 million ($7.4 million) over the same period.
The company said, “We continue to implement corrective actions to build brand safety tools, invest in platform safety and content moderation, and educate advertisers about these initiatives.”
The arrival of the mask also leads to waves of redundancy in UK offices, reflecting cuts to US-based staff. The number of employees in the UK fell from 399 the previous year to 114 in 2023.