Despite recent reports of limited growth, X is celebrating new record-high engagement numbers for the Olympics. This surge in activity offers a prime opportunity for the platform to showcase its ad placement possibilities to potential partners.
High engagement and ad opportunities
X is in dire need of more advertising campaigns. Recent reports indicate that the platform's overall revenue has dropped by about 50% year-over-year and continues to decline since it rebranded to X.
The Olympics may provide a much-needed boost to X's ad business. The platform hopes the new engagement figures will attract more interest from advertisers.
According to X, “a global audience tuned in on X to participate in the vibrant conversation. Fans, commentators, brands, and athletes joined to share memes and reactions around the monumental opening ceremony.”
— Business (@XBusiness) July 29, 2024
This interest has continued into the Games, with X noting that 87% of its users plan to follow the event.
Portal to Paris activation
To help brands tap into the Olympics's excitement, X has launched a new “Portal to Paris” activation. This feature highlights all the Olympic trends and clips in a dedicated space. However, the video element faces challenges, as X owner Elon Musk has criticised the International Olympic Committee's (IOC) restrictions on video clips from the event.
Despite these restrictions, “Portal to Paris” aims to drive more focused engagement by offering a centralised space for Olympics-related content. X encourages brands to advertise within this stream and use its new “Trend Genius” ad offering to display their ads alongside trending topics.
never miss a moment from #Paris2024
— Sports (@Sports) July 26, 2024
access our new Portal To Paris trend from the Explore tab pic.twitter.com/txz11Oph4g
“Brands can hand-select the conversation topics they want to align with, such as athletes, sports, or even teams they sponsor. Then, when conversation about these topics organically reaches a heightened level or velocity on X, ads featuring pre-programmed creative are automatically deployed on the platform.”
The Olympics are a critical opportunity
The Olympics present a crucial opportunity for X, which is struggling to regain advertisers who are cautious about promoting on the platform. According to a recent report from The New York Times, X heavily relies on the games to boost its ad intake, hoping the surrounding buzz will draw more advertiser interest.
It will be interesting to see how much X can improve its performance as the games continue over the next few weeks.
