Elon's been busy in the last few months, but this time X wasn't as impacted as it has been by Elon's musings last year. For the most part, X was out of the news.
And as you'll see from the data, that's not a good thing...
It seems that around Elon Musk, no news is bad news. Well, unless there's no news at all.
According to our estimates, X ended April with $18.4M of net revenue (after store fees). If you've been following my monthly check-ins you'd know that this is almost X's best month but is just a tad short of March's total.
Maintaining revenue isn't bad, especially not at a time where there's a lot of financial uncertainty. But when we zoom out it's hard to ignore X's low revenue when compared to other social platforms.
X increased its subscription prices in April, which we'll see the result of in May as they, so expect the next check-in to be higher. Still, X is having a hard time monetizing its free users, something Elon was helping with when he was focused on the platform.
But X seems to be expanding. Over the last few weeks I've seen several accounts hinting at more offerings coming soon, and I'm not even talking about Elon's plan to bring payments to the platform, which I think will work very well.
These additions are very likely to increase revenue quickly as already paying users will at least give them a try.
December saw a curious split: downloads dropped 2% while revenue sat at $1.3B. ChatGPT and TikTok dominated both charts as the mobile industry enters a new maturity phase.
Wall Street bet $2 billion on Polymarket, and downloads surged 1,172% in December. The prediction market banned in 2022 is now where Wall Street looks for signals.