After rebranding the world’s largest micro-blogging site, Twitter into X, Elon Musk, the majority owner of the platform has started unfolding his short, medium, and long-term plans for X. With the aim to become the ‘app for everything, Musk’s ambition for X could be the biggest gamble in the history of social media, eCommerce, technology, and financial technology (fintech).
The implication of X transcending into finance, crypto, and payment services could also change the trajectory of brands and how they engage with audiences. This is because for close to two decades, the traditional models for all social media platforms such as Facebook, Instagram, and Twitter, now X; have been free platforms where the multi-varied anonymized data of the audience is what the marketing industry feeds on to engage, connect, and execute some of the most profitable brand campaigns.
This scenario is likely to be flipped as platforms with financial transactions are specially regulated, moderated, and curated. This is why X is likely to become something totally different from what we know. While advertising and brand campaigns could be less conventional and elaborate, brands will have to rethink their approach to understanding the myriads of audiences, and the new culture about to be created could change the game of play, brand power dynamics.
The last two decades have shaped the marketing world as we know it, and the next two decades are bound to change the marketing world.