Last week, 12 of the top 18 US pharmaceutical advertisers reduced their Twitter ad spending to zero. Merck, AstraZeneca, Eli Lilly, Novartis, are Pfizer are key contributors to this new movement.
Six firms exhibited continued investment here, however the majority only inputted a few hundred/ thousand dollars. The only exception is German pharmaceutical company Bayer, totaling $480,000 in the same week most reduced down to zero.
“Last week, 12 of the top 18 US pharmaceutical advertisers reduced their Twitter ad spending to zero“
Bayer commented on the decision, saying they will “continue to monitor developments at Twitter and regularly assess our position. We do not release our advertising spend.”
Twitter is not, and has never been, a significant, source of spending for businesses in this market. However, the abrupt shift shows how swiftly several large corporations distanced themselves from the social media platform once Elon Musk bought it.
Twitter has recently been a source of many indiscretions, a huge scandal involving pharma company Eli Lilly, who had to deal with a bogus account that surfaced and stated that their insulin was free of charge.
In spite of market advances, the companies’ shares fell by over 4% the following day. Shortly later, the $8 verified Twitter initiative was terminated.
But the sharp drop in advertisement spending doesn't necessarily indicate that pharma is completely abandoning Twitter. Corporate accounts are still active, offering news and updates.See all the latest jobs in Consumer