Twitter rebrands with X logo after Musk vow to eliminate ‘all the birds’
Business
Elon Musk’s Twitter is a ‘$44 billion albatross’ a year later on October 31, 2023 at 10:00 am Business News | The Hill
Published
12 months agoon
By
Late last October, Elon Musk officially closed a deal to acquire the platform then known as Twitter for $44 billion after months of legal proceedings and threats to back out of the purchase.
“The bird is freed,” Musk tweeted the night the deal was finalized, in an apparent reference to Twitter’s iconic bird logo and his plans to transform the site into a “platform for free speech around the globe.”
The mercurial billionaire’s takeover was met with varying levels of alarm as he quickly fired top executives, cut half of the company’s workforce and rolled out and walked back various policy changes.
One year later, experts described the platform now known as X as “unrecognizable” and “completely useless.” The fallout from Musk’s stewardship, they argue, was “much more serious” than they previously could have imagined.
Musk lives up to initial fears, expectations early on
When Musk initially offered to buy Twitter in April 2022, some pointed to his business prowess as the head of both Tesla and SpaceX as a potential benefit from a takeover.
However, Claire Wardle, the co-founder and co-director of Brown University’s Information Futures Lab, said she immediately had her doubts.
“There was a lot of people like, ‘Well, look what he did with Tesla … He’s a great businessman. Therefore, he’s going to be a great leader of Twitter,’” Wardle told The Hill. “And I think I was kind of surprised by that because the truth is, content moderation is really hard.”
“I just kept thinking, ‘I’m not quite sure this man, who has no experience in content moderation or thinking about how these platforms work within the context of democracies — it just seems a strange decision for him to be the leader,” she said.
Musk officially took control of Twitter on Oct. 27, assuring advertisers that the platform “obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!”
Lawrence Lessig, a Harvard Law professor part of the university’s new Applied Social Media Lab, noted that the billionaire came to Twitter with “an extraordinarily naïve view” of free speech.
“The idea that there’s such a thing as a platform that ‘allows all speech’ is just crazy talk. There is no such platform,” Lessig said.
“There’s no publishing platform that has ever in the history of man embraced that and for good reason. It inspires and brings out the worst in culture,” he added.
Musk immediately fired several top executives, including chief executive Parag Agrawal, chief financial officer Ned Segal and chief legal officer Vijaya Gadde. Notably, Gadde was also in charge of trust and safety matters at the company.
Just days later, reports emerged that racist and antisemitic tweets were spreading rapidly on Twitter. Musk briefly launched his first attempt to turn the platform’s traditional verification system into a paid feature in early November before rolling it back as accounts impersonating public figures wreaked chaos.
Within weeks, he had reinstated the accounts of former President Trump, who had been banned in the wake of the Jan. 6 riot, and the rapper formerly known as Kanye West, who was barred for posting antisemitic messages.
Musk also rolled back Twitter’s policy barring COVID-19 misinformation, dismantled the company’s Trust and Safety Council and temporarily banned several journalists covering the billionaire’s feud with an account tracking his private jet.
One year later, X is ‘unrecognizable’
The platform, which Musk rebranded as X earlier this year, faced a deluge of misinformation and disinformation this month following the attacks by the Palestinian militant group Hamas on Israel and Israel’s subsequent bombardment of Gaza.
Old and unrelated photos and videos — and even video game footage — were misrepresented as current and genuine. A fake memo claimed that President Biden had sent $8 billion in military aid to Israel. Accounts posing as official news outlets spread false claims about the conflict.
The spread of misinformation and disinformation, which has similarly plagued other social media platforms, has been been a particular problem for X in the wake of Musk’s takeover.
A report released last month found that X had the highest ratio of misinformation and disinformation out of several major social media platforms.
Wardle noted that X’s blue checkmarks previously served as important “heuristics” and “mental shortcuts” to tell users whether they could trust information from accounts.
However, the checkmarks — which used to denote that an account from a government official, media organization or public figure had been verified — now indicate whether someone has paid for the platform’s subscription service.
“We knew that [removing them] was going to be a disaster,” Wardle said. “And then of course, we’ve seen over the last three weeks that it really is all the things that we feared.”
Jennifer Grygiel, an associate professor of communications at Syracuse University, said the transformation of the blue checkmark system has also “changed the usefulness and value” of the platform for journalists and news publishers.
“When I think of the old Twitter … it was influential because it was the fastest kind of wire that we’d ever seen,” Grygiel told The Hill. “It felt like it was where public discourse happened because it was so fast. It felt conversational.”
Prior to the takeover last year, the platform had taken on a role as “the place that people would turn to in breaking news situations,” Wardle added.
“Every department of health, every emergency unit across the world … they saw Twitter as a way to communicate in real time, knowing that it was either gonna go directly to citizens or it was gonna get picked up by journalists, who would then report it,” she said.
Under Musk’s leadership, “that’s all changed,” Grygiel said. “Maybe he purchased Twitter, but it’s unrecognizable.”
Musk faces ‘myriad’ challenges but X remains standing
Musk’s $44 billion purchase of the social media company, which is currently worth an estimated $10 billion, has left him with a “myriad of financial and execution challenges,” Wedbush analyst Dan Ives said in a statement to The Hill.
“This remains a $44 billion albatross for Musk to recoup his investments,” he added.
Without making changes to X’s content moderation policies and bringing back advertisers, Wardle said she “can’t see a future” for the platform.
“I don’t see a way out unless things fundamentally changed, and I don’t think he would be the sort of person that would want to fundamentally change those things,” she said.
However, despite Musk’s chaotic tenure at the company, there has not yet been a mass exodus from X, Grygiel noted. The various alternatives that have emerged, including Meta’s Threads, have largely failed to gain traction so far.
“It has a social function still, it still has a business function too,” they said. “So in the absence of alternatives, I think we still see big brands out there using this. Maybe there’s less advertising, but it’s still there.”
Technology, Business, News, content moderation, disinformation, Israel-Hamas conflict, misinformation, Threads, Twitter, Twitter takeover, Twitter verification Late last October, Elon Musk officially closed a deal to acquire the platform then known as Twitter for $44 billion after months of legal proceedings and threats to back out of the purchase. “The bird is freed,” Musk tweeted the night the deal was finalized, in an apparent reference to Twitter’s iconic bird logo and…
You may like
Advice
10 Tips To Creating Quality YouTube Content on a Budget
Published
2 weeks agoon
October 4, 2024Producing engaging YouTube videos doesn’t have to break the bank. With the right strategies and tools, you can create high-quality content that resonates with your audience without overspending.
Define Clear Objectives
Before you start filming, establish your goals. Are you aiming to increase brand awareness, drive traffic to your website, or boost video views? Your objectives will guide your content strategy and help you measure success.
Create Compelling Content
Invest time in developing high-quality video concepts. According to Analytics Partners, video content has twice the lasting impact of non-video content. Focus on creating content that resonates with your audience and aligns with your brand messaging.
Leverage Smartphone Technology
Modern smartphones offer excellent video quality. For example, the iPhone 12 Pro can shoot 4K video at 60 fps, rivaling many dedicated cameras. Pair your smartphone with a basic tripod and external microphone for professional-looking results.
Optimize Lighting
Good lighting is crucial for video quality. Natural light is free and effective. Position yourself near a window or invest in affordable lighting options like ring lights, which typically cost between $20-$100.
Post-Production and Optimization
Use Free Editing Software
Take advantage of free or low-cost editing tools. DaVinci Resolve, for instance, offers professional-grade editing capabilities at no cost for its basic version.
Optimize for SEO
YouTube’s algorithm considers factors like view count, engagement, watch time, and relevance when recommending videos[2]. Use keywords in your titles, descriptions, and tags to improve discoverability. For example, including relevant keywords in your title can increase views by up to 20%.
Engagement Strategies
Prioritize Community Engagement
Respond to comments and interact with your audience. YouTube puts recent comments front-and-center in your analytics dashboard, encouraging timely responses. This engagement can lead to higher watch times and subscriber growth.
Experiment with YouTube Shorts
YouTube Shorts are amassing tens of billions of views daily. Creating Shorts content can increase your channel’s visibility and engagement without requiring significant production resources.
Budget-Friendly Marketing Tactics
Leverage Remarketing
Implement remarketing campaigns to re-engage viewers who have already interacted with your content. This targeted approach can be more cost-effective than broad audience targeting.
A/B Testing
Experiment with different video formats, thumbnails, and titles. YouTube’s own data shows that 90% of top-performing videos have custom thumbnails. A/B testing can help you identify what resonates best with your audience without additional production costs.
Real-Life Example
Consider the case of Peter McKinnon, a photographer and filmmaker who started his YouTube channel in 2010. Using primarily his smartphone and basic editing software, he grew his channel to over 5 million subscribers. His success came from consistently delivering valuable content, engaging with his audience, and gradually improving his production quality as his channel grew.
By implementing these strategies, you can create engaging YouTube content that resonates with your audience without overspending. Remember, the key is to focus on delivering value and consistently improving based on audience feedback and performance metrics.
Author: Bolanle Media Staff
As a film industry professional, you’re likely no stranger to the hard work and dedication required to bring a project to life. However, you may not be aware of the crucial role film festivals play in advancing your career and the industry as a whole. Let’s revisit the importance of film festivals and how they can benefit you and your work:
Film festivals provide a platform for your work to be seen by a wider audience, including critics, distributors, and industry leaders. This exposure can lead to recognition, awards, and critical acclaim, which can boost your reputation and open doors to new opportunities.
From the Film Festival Circuit Founder, Mikal Fair:
“Explore the ‘Film Festival Submitter’s Handbook 2024,’ your ultimate guide to conquering the film festival circuit. Whether you’re a filmmaker or screenwriter, this essential resource provides practical strategies to navigate the competitive landscape of film festivals successfully. From crafting compelling titles, taglines, and synopses to creating impactful director’s and writer’s statements, this handbook equips you with the tools to shine in the festival circuit. Learn to develop effective marketing materials, including posters and trailers, and discover the importance of communication and presenting a professional package. With insights tailored to the evolving role of social media and marketing in the film industry, this handbook is your key to festival triumph. Get your copy now and embark on your journey to festival success!”
Author: Bolanle Media Staff
Business
Laugh, Learn, and Connect: Houston Comedy Film Festival Oct 5th
Published
2 weeks agoon
September 30, 2024Located in: EADO Workspaces
The Houston Comedy Film Festival is set to return on October 5th, 2024, and it promises to be an exciting day filled with laughter, learning, and networking opportunities for comedy enthusiasts and aspiring filmmakers alike. This year, the festival welcomes Roselyn Omaka as the new festival director, bringing her expertise and innovative vision to the event.
Attendees can look forward to engaging sessions led by industry professionals. Joan Montreuil from The Newbie Film Academy will provide invaluable insights into financing films and raising capital, helping aspiring filmmakers navigate the often complex world of film funding. Meanwhile, Deloris from DD’s Showbiz will host an interactive acting workshop designed to enhance participants’ skills and confidence in front of the camera.
Although LemarKus Tinker from Friday Night Lights won’t be attending in person, he will offer an exciting virtual one-on-one guidance session for aspiring directors. This unique opportunity allows participants to connect directly with him from the comfort of their homes, gaining personalized advice and insights that can help shape their directorial vision. Imagine having a chance to ask questions and receive feedback from a seasoned professional in the industry—this virtual interaction is sure to be a highlight!
In addition to these educational opportunities, festival winners will have the chance to receive valuable resources from sponsors to further improve their films and business outcomes. This support could be the stepping stone that many emerging talents need to make their mark in the competitive world of filmmaking.
The festival kicks off at 12 PM sharp, so attendees are encouraged to arrive 10 minutes early to ensure they don’t miss any of the action. It’s important to note that everyone must purchase a ticket to attend this fantastic event. Tickets are available for $50, which grants full access to all festival activities. Attendees can purchase their tickets through different platforms: filmmakers (not screenwriters) are encouraged to buy their tickets on filmfestivalcircuit.com, while guests and screenwriters should secure their tickets via meetup.com/bolanlemedia. Tickets can also be purchased at the door on the day of the event.
The Houston Comedy Film Festival has been a cornerstone of the independent film community since its inception in 2008 by author and retired filmmaker Mikel Fair. Over the years, it has consistently ranked in the FilmFreeway Top 100, cementing its status as a must-attend event for comedy filmmakers and fans.
With Roselyn Omaka’s leadership, the star-studded lineup of industry professionals, and the diverse array of films and activities planned, the 2024 Houston Comedy Film Festival is shaping up to be an unmissable experience. Whether you’re an aspiring filmmaker, a comedy enthusiast, or simply looking for a day filled with laughter and learning, this festival has something for everyone.
Don’t miss out on this fantastic opportunity to immerse yourself in the world of comedy filmmaking. Grab your tickets now and be part of the Houston Comedy Film Festival experience! Join us on October 5th at the Coronation Theatre in Houston for a day of creativity, laughter, and cinematic celebration! Your next big break could be waiting for you!
Author: Bolanle Media Staff
Trending
- Advice2 weeks ago
6 Top Common Audio Issues In Film Production
- Entertainment3 weeks ago
“Happy Landing”: A Story of Humor in Aging
- Entertainment4 weeks ago
“Mutt”: A Story of Identity, Belonging, and Laughter
- Spotlight4 weeks ago
Miachel Pruett: Online Dating and Comedy in ‘Try a Waffle Cone’
- Entertainment7 days ago
Matthew Gilleece: Comedy Screenwriter on the Rise
- Entertainment2 weeks ago
Theresa Romaniec: A Rising Star in Screenwriting
- Entertainment1 week ago
Tom Renville’s Breakout Moment: ‘Ramp Rats’ Takes Flight
- Entertainment3 weeks ago
“Profiles Of Remarkable Neophytes”: Finding Humor in the Unconventional