Elon Musk is aiming to grow Twitter’s annual revenue to $26.4 billion by 2028, up from $5 billion last year, the New York Times reported on Friday, citing a pitch deck The Richest man presented to the world investors.
Advertising will fall to 45% of total revenue under Musk, up from around 90% in 2020, which will generate $12 billion in revenue in 2028, while subscriptions are expected to bring in another $10 billion, according to the report.
The social media company would bring in $15 million from a payments deal in 2023, the NYT reported, which would grow to about $1.3 billion by 2028.
Musk inked a deal last month to buy Twitter for $44 billion in cash, in a move that gives control of the social media platform, populated by millions of users and global leaders, to the head of Tesla Inc. relocated.
Musk is expected to temporarily become CEO of Twitter after the deal is complete, a person familiar with the matter told Reuters on Thursday, as the billionaire seeks to bring investors into the deal.
Twitter Blue’s subscription revenue is expected to generate $69 million in revenue by 2025, the NYT reported.
Musk could not be reached for comment.
Twitter did not immediately respond to a Reuters request for comment.
The newspaper said Musk expects to grow Twitter’s average revenue per user from $24.83 last year to $30.22 in 2028.
Musk aims to grow Twitter revenue to $26.4 billion by 2028 – NYT – SABC News
Source link Musk aims to grow Twitter revenue to $26.4 billion by 2028 – NYT – SABC News