X drops out of global media brands ranking

X drops out of global media brands ranking
The report also found that X’s Brand Strength Index score fell by 12.7 points from last year underscoring a major reputational crisis. (AFP)
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Updated 18 September 2024
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X drops out of global media brands ranking

X drops out of global media brands ranking
  • Twitter’s brand value dropped from $5.7bn in 2022 to $673.3m in 2024   
  • Instagram is the fastest-growing media brand

DUBAI: Social media platform X, formerly Twitter, has dropped out of a ranking of global media brands by UK-based brand valuation and strategy consultancy Brand Finance. 

The consultancy valued Twitter at $5.7 billion in 2022, falling to almost $3.9 billion in 2023 and further declining to $673.3 million in 2024.

Richard Haigh, managing director of Brand Finance, said the rebrand from Twitter to X was a “gamble” that had the potential to provide a “rebirth and propel it (the company) to new heights,” but now “the strategy seems to have been misguided.”

He told Arab News: “It is now evident that Elon Musk’s rebranding of Twitter, and abandonment of a globally recognized name, has resulted in a dramatic and abrupt decline in brand value and strength.”

Moreover, he added, Musk’s strategy to open up a free speech mandate lacked guardrails that would give advertisers confidence that their content would not appear alongside other content that did not match their brand values. 

Haigh said: “These two decisions, intended to accelerate growth, ultimately resulted in a substantial loss of advertisers with ad revenue decreasing from over $1 billion per quarter in 2022 to around $600 million per quarter in 2023 — a steep decline for a brand where ad sales represent about three-quarters of total revenue.”

The report also found that X’s Brand Strength Index score, which measures the relative strength of brands based on factors such as marketing investment, stakeholder equity, and business performance, fell by 12.7 points from last year.

This drop is a reflection of the brand’s “weaker performance in familiarity, reputation, and recommendation metrics, underscoring a major reputational crisis,” Haigh said.

Although he is not optimistic about X’s rebound as a brand, he added: “X continues to be a relevant platform relied upon by millions, thanks to the long-term benefits of a user base and the critical mass it already has.”

He believes that “with careful management and a clear strategy, there remains potential for the X brand to recover and regain its strength.”

One such strategy could be rethinking the name because Twitter had a “distinctiveness that a single letter will struggle to match,” he said.

Secondly, he advised: “X is a business that requires consumers to use it, but also requires businesses to fund it. Trust is a key issue that needs to be addressed.”

Haigh explained that if brands are not confident that bullying, harassment and abuse will not be attached to their messaging, they will not have enough trust in the site to want to advertise. 

The ranking saw Google maintain its No. 1 spot as the most valuable media brand for the fourth consecutive year, followed by TikTok in second place, Facebook and Instagram in third and fourth, and Disney in fifth place.

Instagram was the fastest-growing media brand, with an increase of nearly 50 percent in brand value, while Disney’s brand value dropped by 6 percent, compared to 2023.

Hollywood actors and screenwriters went on strike last year to protest about pay and working conditions which resulted in delays of several productions and loss of revenues for production companies.

Haigh said the strike “significantly impacted Disney’s revenue streams, contributing to its decline in brand value, but Disney+ (its streaming platform) has helped sustain its brand amid a rapidly evolving media landscape.”

The transformation of this landscape is evident in the ranking with Disney being the only traditional media company in the top 10.

The first Brand Finance ranking, which was published in 2015, was dominated by American broadcast media networks with Walt Disney ranking first, ahead of Fox, NBC, TimeWarner and CBS.

However, this year, “there has been a significant shift, with nine of the top 10 brands focusing on platforms other than traditional broadcasting, reflecting a growing trend toward media consumption through social media,” Haigh said.

He added that the media industry had evolved “from a broadcasting model to one centered around narrowcasting, where content is tailored to individual preferences.”

This has been accelerated by the rise of social media platforms that allow users to create and share content on a global scale, as well as technological advancements that enable platforms to provide “highly personalized and targeted media experiences,” he added.

Content that was once the domain of traditional TV channels — such as major sporting events and news — is now easily available online through social media or streaming.

Haigh said: “Despite widespread misinformation, more people are turning to social media for news as it provides diverse perspectives, short-form content, and allows for independent evaluation, unlike traditional media, which often offers a single, agenda-driven narrative.”

The 2023 Hollywood strike further accelerated the shift in the industry, causing a sharp decline in brand values for major US TV networks like CBS (28 percent) and Fox (26 percent), as well as UK networks Sky and ITV, he added.

Netflix, however, remained among the top 10 brands, ranking ninth, despite its brand value declining by 6 percent.

Haigh said: “To stay relevant, traditional media outlets must adapt to this new landscape, where engagement is driven by interactive and algorithm-driven content rather than broad, one-size-fits-all programming.”


Athar Festival hosts 4 academies to train next generation of creative talent in Saudi

Athar Festival hosts 4 academies to train next generation of creative talent in Saudi
Updated 07 November 2024
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Athar Festival hosts 4 academies to train next generation of creative talent in Saudi

Athar Festival hosts 4 academies to train next generation of creative talent in Saudi
  • 2 academies designed for students, 2 for industry professionals
  • Focus on creativity, marketing

DUBAI: The second edition of the Athar Saudi Festival of Creativity opened on Tuesday at the Crowne Plaza RDC in Riyadh.

Hosted by the UAE-based Motivate Media Group and communications consultancy TRACCS, the event featured 100 regional and international speakers and several training initiatives.

One such initiative was the Young Talent Academies, which boasted four academies aiming to foster talent in the creative and marketing fields in Saudi Arabia.

The four academies were the Student Creative Academy, in partnership with regional advertising group Middle East Communications Network; the Student Marketers Academy, in partnership with Arabic entertainment firm UTURN; and the NextGen Creative Academy and NextGen Marketing Academy, in partnership with the Saudi Tourism Authority.

The first two were tailored for students, while the latter two were for young professionals already working in the industry.

The Young Talent Academies were a key component of the festival and are dedicated to “nurturing the next generation of creatives that will shape the future of Saudi Arabia,” said Ian Fairservice, chairman of Athar Festival and managing partner of Motivate Media Group.

He told Arab News: “The remarkable interest received is a clear indication of ambitions being aligned, and the lineup of immersive workshops and mentorship and networking opportunities at the festival promised to equip participants with invaluable insights and transformative career lessons.”

The Student Creative Academy, in partnership with MCN, brought together experts from across its agencies, which included FP7 McCann, MullenLowe MENA, UM, Initiative MENAT, MRM, Jack Morton, and Weber Shandwick.

Designed to “equip the next generation of creatives with skills and insights, while also instilling the fun of being a creative,” the academy provided participants “with a curated program of talks, mentorships, and creative brief challenges judged by industry leaders, culminating in an awards ceremony,” Ricarda Ruecker, chief talent officer of MCN in the Middle East, North Africa and Turkiye, told Arab News.

UTURN’s Student Marketers Academy’s participants consisted of 60 percent female and 40 percent male students representing universities including Imam Mohammad Ibn Saud Islamic University, Princess Nourah Bint Abdulrahman University, University of Business and Technology, King Saud University, and King Fahd University of Petroleum and Minerals.

Led by Salwa Bankhar, Webedia Saudi Arabia’s business director, the academy featured eight speakers with expertise in content creation, marketing skills, storytelling, networking strategies and self-promotion.

Both MCN and UTURN are committed to developing local talent in the Kingdom and the academies were part of these efforts.

The Athar Saudi Festival of Creativity plays “an active role in shaping up the creative and marketing industry in Saudi Arabia” and provides “much-needed visibility and exposure to local Saudi talent,” said George Maktabi, CEO of UTURN’s parent company Webedia Group.

“Students take a sponge-like attitude to learning, but also give back candid observations and raw perceptions that puts everyone on a different learning curve,” he told Arab News.

The company is “established around young local talent, and by structure it acts as a hub for Saudi talent,” he added.

For MCN, the academy is of “strategic importance” to the company and a “natural extension” of the initiatives it has in place to foster talent development, Ruecker said.

Earlier this year MCN launched a six-month graduate program in Saudi Arabia to attract and train young local talent. It will launch a second edition in February 2025.

Although MCN and UTURN did not directly offer jobs or internships to participants, both companies said they have various initiatives in place for talent development.

Maktabi said: “UTURN is continuously headhunting talent and young marketers.

“Recruitment is of course competitive-based, and it is important to maintain an open call for talents to ensure open and equal access to all talents.”

The Student Marketers Academy is aimed at guiding students and empowering them “to pursue new opportunities more proactively, and UTURN is always approachable,” Maktabi added.

Ruecker said that MCN already had internship programs across the region and was “committed to inspiring students at the Student Creative Academy to pursue rewarding paths with us, whether through our graduate program or full-time roles across MCN’s agencies.”

The festival took place on Nov. 5-6 with the academies featuring from Nov. 3-6.


Taliban shut down Radio Zhman over alleged music broadcast

Taliban shut down Radio Zhman over alleged music broadcast
Updated 07 November 2024
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Taliban shut down Radio Zhman over alleged music broadcast

Taliban shut down Radio Zhman over alleged music broadcast
  • Officials closed the radio station after warnings about broadcasting background music during programs
  • Afghanistan Journalists Center says closure is a ‘significant infringement on the fundamental rights of free media’

LONDON: Taliban authorities have shut down Radio Zhman TV in Afghanistan’s southeastern Khost province, accusing the station of using background music in its broadcasts, a violation of the Taliban’s media policies since their takeover of the country in August 2021.

The Afghanistan Journalists Center condemned the closure on Wednesday, calling it a “significant infringement on the fundamental rights of free media” and warned of potential repercussions if restrictions on local media continue to escalate.

According to AFJC, Afghanistan’s media law stipulates that journalists and media organizations should be able to conduct their professional duties without undue restrictions, and that authorities have a responsibility to support media freedoms.

US-based Amu TV reported that the decision was made during a commission meeting at Khost’s Directorate of Information and Culture, which included representatives from the Ministry of Vice and Virtue, local intelligence, police, and information officials.

The commission determined that the station’s use of light background music in a social issues program was a breach of the Taliban’s strict media policies.

The Taliban’s Ministry of Vice and Virtue, which enforces its interpretation of Islamic law, had previously issued warnings to broadcasters about playing music, which the group deems inappropriate.

Radio Zhman, established in 2017, broadcasts a mix of political, social, cultural and educational programming from 7:30 a.m. to 10 p.m., reaching listeners in Khost and parts of neighboring Paktia province.

It is the second local media outlet to be shut down in Khost recently. Gharghasht Radio was closed on Oct. 31 but allowed to resume operations three days later on the condition that it refrains from broadcasting any music.


Dubai ‘most reputable city’ as Middle East shows strong progress in Brand Finance Global City Index

Dubai ‘most reputable city’ as Middle East shows strong progress in Brand Finance Global City Index
Updated 07 November 2024
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Dubai ‘most reputable city’ as Middle East shows strong progress in Brand Finance Global City Index

Dubai ‘most reputable city’ as Middle East shows strong progress in Brand Finance Global City Index
  • Emirati city moves up 4 places to 5th in overall global rankings, based on all measured attributes, behind London, New York, Paris, and Tokyo
  • Riyadh and Jeddah climb 4 and 6 places respectively to rank 75th and 79th on the overall global list

LONDON: Dubai claimed the title of most reputable city in the world in the 2024 Brand Finance Global City Index, which revealed notable improvements across the region.

The brand valuation and strategy consultancy firm’s second annual global survey on city perceptions, the results of which were released on Thursday, placed Dubai fifth in the overall global rankings, which are based on all measured attributes, behind London, New York, Paris and Tokyo.

Last year, the Emirati city ranked ninth. This time, the survey found it had made substantial gains in terms of investment appeal and reputation, bolstered by strong governance and strategic investments.

Riyadh and Jeddah also improved, climbing four and six places respectively to rank 75th and 79th on the overall global list.

Riyadh enjoyed some impressive gains in specific attributes, moving up 37 places in the rankings in recognition of its high-profile sports teams and clubs, 24 places for its private schools, and 20 places for its shopping, dining and nightlife options, making it one of the fastest-growing cities by these measures.

Andrew Campbell, managing director of Brand Finance Middle East, attributed the rapid improvements in the regional rankings, particularly the success of Dubai, to strategic investments by governments in infrastructure, tourism and the business sector.

“The substantial improvements in Dubai’s consideration metrics further highlight the city’s increasing allure as a premier destination for visitors, residents, businesses and global investors,” he said.

Dubai’s appeal in terms of business and innovation, along with a stable economy and favorable corporate tax policies, were credited with moving it four spots higher in the overall rankings than a year ago. It also achieved significant improvements in its rankings for local working (from 16th to 8th) and remote working (from 24th to 4th).

The index is based on a survey of more than 15,000 respondents. It measures factors related to familiarity, reputation and consideration to assess how desirable a city is viewed for living, working, studying, visiting, retiring and investing.

Abu Dhabi ranked 30th on the overall global list, the same as last year, but improved in terms of science, technology and economic appeal.

Other cities in the Middle East and North Africa that appear on the list include Cairo (63rd place in the overall rankings), Doha (69th), Casablanca (73rd) and Tel Aviv (83rd), which dropped six places amid ongoing conflicts.


Saudi stories pique audience interest, says Bloomberg Media MD

Saudi stories pique audience interest, says Bloomberg Media MD
Updated 07 November 2024
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Saudi stories pique audience interest, says Bloomberg Media MD

Saudi stories pique audience interest, says Bloomberg Media MD
  • Visiting the Athar Festival of Creativity in Riyadh, Amit Nayak told Arab News: “We’ve seen a real appetite from our global audiences for content from here”

RIYADH: Stories and articles about Saudi Arabia and the region are among the most widely read by audiences, according to Bloomberg Media’s managing director in the Middle East and Africa.

Visiting the Athar Festival of Creativity in Riyadh, Amit Nayak told Arab News: “We’ve seen a real appetite from our global audiences for content from here.”

He said that with such a large and diverse team based in the Middle East, Bloomberg Media was able to bring local insights and perspectives to provide content based on what audiences wanted.

“We remain focused on deeply understanding our Middle Eastern audience, fostering direct relationships, and delivering trusted news and insights tailored to their needs,” he said.

“We work with leading entities across the region, such as Saudi Tourism Authority and Red Sea Global, using custom content across different platforms to help tell their stories to regional and global audiences.”

The use of smart technology has been big part of Bloomberg’s strategy for over a decade, with The Bulletin being a predominant feature on the app. Launched by Bloomberg’s Media Innovation Lab in 2018, it provides single-sentence summaries of the top three stories.

“We leverage first-party subscriber data through our AI-powered Audience Accelerator platform,” added Nayak. “This allows us to precisely target key demographics to inform machine learning models that predict the population of users on the site, enhancing campaign performance and building brand credibility.”

In 2022, Bloomberg Media Studios opened a regional studio in Dubai and earlier this year launched “Bloomberg Horizons: Middle East & Africa,” a flagship morning program.

Bloomberg News also launched the Mideast Money newsletter, which focuses on “the intersection of wealth and power, and the impact of regional sovereign investors and dealmakers in global finance.”

Evolving as a commercial team that, 10 years ago, predominantly sold advertising, Nayak said that as clients became more sophisticated and keener to reach global audiences, Bloomberg Middle East was fostering internal talent to better collaborate with them.

“We were well placed because we have invested heavily in our teams on the ground here — whether that’s expanding sales, building a client marketing team, or hosting events on the ground in the region,” he said.


Tunisia influencers sentenced to jail over content: media

Tunisia influencers sentenced to jail over content: media
Updated 06 November 2024
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Tunisia influencers sentenced to jail over content: media

Tunisia influencers sentenced to jail over content: media
  • Some Internet users condemned the spread of crude language and obscene images on social media, while others saw the move as a new restriction on freedoms

TUNIS: Four influencers on Instagram and TikTok have been sentenced to jail in Tunisia for content authorities deemed immoral, local media reported Wednesday.
The Business News outlet said an Instagrammer known as Lady Samara, with about one million followers, was sentenced to three years and two months in prison on Tuesday.
TikToker Khoubaib received four years and six months, while Instagrammer Afifa was sentenced to a year and six months and her husband Ramzi to three years and six months.
On October 31, as part of the same investigation, an Instagrammer known as Choumoukh was sentenced to four and a half years’ jail on similar charges.
The private radio station Mosaique FM also reported a series of sentences ranging from 18 months to four and a half years, without identifying those being sent to prison.
It said they were being prosecuted for “public indecency, dissemination of content contrary to good morals or adopting immoral positions, using inappropriate language or adopting inappropriate behavior that undermines moral and social values and risks negatively influencing the behavior of young users of these platforms.”
The investigation was opened after the justice ministry on October 27 urged prosecutors to “take necessary judicial measures and launch investigations against anyone producing, displaying or publishing data, images, and video clips with content that undermines moral values.”
The decision sparked widespread debate, both on social media and in the media.
Some Internet users condemned the spread of crude language and obscene images on social media, while others saw the move as a new restriction on freedoms.
Online magazine Nawaat, which frequently criticizes the Tunisian government, said the arrests come amid “a climate marked by repressive restrictions on freedoms.”
“Following the systematic dismantling of judicial power, the prosecution of opponents and journalists, and the repression of civil society, social media influencers — regardless of the quality of their content — are now in the regime’s crosshairs,” said an article.
Tunisia’s opposition and civil society have condemned what they call an “authoritarian drift” by President Kais Saied, who was re-elected on October 6 with a sweeping majority but low turnout.