I don’t like reporting on Twitter initiatives which don’t work out, I don’t like talking about Twitter failures or beating the Twitter problems drum. Sadly that is happening more and more these days because while Twitter is trying to figure out how to start getting momentum there is an ever increasing number of initiatives just wilting away.
Moments generated much interest when it first launched a little more than six months ago. The idea was to have a hub for Twitter content which highlighted important tweets around different trending events throughout the day. Twitter wants to be more accessible to new users so the intention was to provide a tools which allowed people to quickly catch up with what is happening as events unfold. Basically a way of trying to dumb down the noise problem.
However, advertisers have labelled moments as a failure and say that Twitter has asked too much money for ads in the curated section of the site dedicated to trending tweets. While Twitter has found some advertisers – such as large movie studios and retailers with big budgets to spend – they are simply asking too much for the wider business audience.
Twitter was asking for $1 million to buy into Moments. This was a bundled price which means you have to buy the Moment as well as the Promoted Trend and media in Twitter. It is simply too much and advertisers or marketers are uncomfortable with spending that much when the return is questionable.
In a bizarre move, there is no reporting available on Moments. You can’t find out what the number of impressions or the engagement is and if you are a marketer you know that this is critical information which lets you see how much of a success your campaign has been.
On top of that, Twitter has failed to rollout Moments globally, so the reach is always going to hit some kind of limit regardless of what ad campaign you run. 1$ million is a high price to pay for an advertising platform which isn’t even a global one. At the moment, brands just won’t be on board with the current setup.
Moments was one of the last major features launched under ex-CEO Dick Costolo in a time where Twitter is trying to grow its user base which stands at just over 300 million. Moments could still prove to be useful for attracting and retaining users.
Moments allows for a more immersive experience that enhances visual content and we all know that visual content performs better than just text based content on social media. However for brands to get on board the price will have to come down and for more general users to experience Moments Twitter will have to look at a global rollout sooner rather than later.