On Thursday (25), Twitter revealed long-term goals focused on increasing the user base and growing revenue. Thus, the social network has plans to conquer 315 million active monetizable users by the end of 2023.
With that, it wants to double the annual revenue from $ 3.7 billion billed in 2020 to about $ 7.5 billion in 2023. The announcement quickly impacted the company’s shares, which grew 8%.
At the investor meeting, Twitter announced that it will invest in new resources to achieve “ambitious goals”. In addition to clarifying that this is an effort to reach its rivals, such as Facebook and, more recently, the Clubhouse.
“We know we’ve been slow,” said Chief Executive Jack Dorsey. “When you compare us to our colleagues, it has been especially severe.”
The number of active users is one of Twitter’s challenges, as growth is slow and has been stagnant at times. Data show that the platform reached 192 million monetizable users in the fourth quarter of 2020.
Therefore, the only way out will be to invest in new resources to attract the active public. An example of this is Twitter Spaces, a live audio tool that competes with the Clubhouse.
Way to double annual revenue
As TechCrunch points out, just investing in new features may not be enough for Twitter to achieve its ambitious goals. In addition to advertising, the social network should invest in diversification.
In the past, Twitter has revealed plans to develop a subscription product that is expected to launch in 2021. However, this would not affect finances in the short term.