Social media site X, owned by Elon Musk, is gearing up to launch a television app for Amazon and Samsung smart televisions next week, Fortune reported. It also quoted an unnamed source within the social media company, saying that the app’s interface is expected to closely resemble that of YouTube’s television app.
In response to a user’s post on X, Elon Musk simply said on X, “Coming soon,” hinting at the capability of the platform’s long-form videos to be directly viewed on smart TVs. Fortune previously speculated that the app might bear similarities to Google’s YouTube TV app, citing an undisclosed source who suggested Musk’s intention to challenge YouTube.
Coming soon https://t.co/JlnlSL7eS9
— Elon Musk (@elonmusk) March 9, 2024
Last October, X introduced an initial version of video and audio calling features to select users, following Musk’s announcement of plans to transform the platform into a super app offering a range of services from messaging to peer-to-peer payments. However, X has not yet responded to Reuters’ request for additional details regarding the upcoming app.
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In its pursuit to transition into a “video-first platform,” X has been establishing partnerships with notable figures such as former Fox commentator Tucker Carlson and former CNN anchor Don Lemon. Last month, the platform, which has faced challenges retaining advertisers since Musk’s acquisition in 2022 due to ongoing controversies, announced its intention to allow advertisers to showcase video ads alongside specific content creators.
Despite its efforts to secure deals and introduce new features, X continues to experience a decline in both user engagement and advertiser interest. According to a recent report from Edison Research released on Wednesday, platform usage has plummeted by 30% over the past year.
Major advertisers such as Disney, IBM, and Apple have departed from X in large numbers. This exodus was triggered by Musk’s assertion, made in a post, that an antisemitic conspiracy theory was incontrovertibly true. Musk exacerbated the situation by accusing advertisers of attempting to coerce X, using profanity-laden language during an on-stage discussion. Consequently, X now relies heavily on peculiar advertisements from low-quality marketers and spam accounts.
Under Musk’s ownership, X’s valuation has also taken a significant hit. Fidelity, a shareholder in X, has reported that the platform’s value has plummeted by 71.5% since Musk’s acquisition for $44 billion. This assessment suggests that X’s current valuation stands at approximately $12.5 billion.
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