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.”


Google must divest Chrome to restore competition in online search, US prosecutors say

Google must divest Chrome to restore competition in online search, US prosecutors say
Updated 31 min ago
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Google must divest Chrome to restore competition in online search, US prosecutors say

Google must divest Chrome to restore competition in online search, US prosecutors say
  • Such changes would essentially result in Google being highly regulated for 10 years
  • Google controls about 90% of the online search market and 95% on smartphones

Alphabet’s Google must sell its Chrome browser to restore competition in the online search market it dominates, and take a broad range of other corrective actions, including sharing data and search results with competitors, US prosecutors argued to a judge on Wednesday.
Such changes would essentially result in Google being highly regulated for 10 years, subjecting it to oversight by the same Washington federal court that ruled the company maintained an illegal monopoly in online search and related advertising.
Google controls about 90 percent of the online search market and 95 percent on smartphones.
Court papers filed Wednesday night expand on an earlier outline for what prosecutors argued would dilute that monopoly. Google called the proposals radical at the time, saying they would harm US consumers and businesses and shake American competitiveness in AI. The company has said it will appeal.
The US Department of Justice and a coalition of states want US District Judge Amit Mehta to end exclusive agreements in which Google pays billions of dollars annually to Apple and other device vendors to be the default search engine on their tablets and smartphones.
Google will have a chance to present its own proposals in December.
Mehta has scheduled a trial on the proposals for April, though President-elect Donald Trump and the DOJ’s next antitrust head could step in and change course in the case.


Egyptian billionaire Naguib Sawiris to launch digital business platform for ‘next generation of entrepreneurs’

Egyptian billionaire Naguib Sawiris to launch digital business platform for ‘next generation of entrepreneurs’
Updated 20 November 2024
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Egyptian billionaire Naguib Sawiris to launch digital business platform for ‘next generation of entrepreneurs’

Egyptian billionaire Naguib Sawiris to launch digital business platform for ‘next generation of entrepreneurs’
  • MONIIFY newsroom will focus on emerging markets such as Southeast Asia, India, and the GCC
  • Platform will launch on Nov. 26, and provide daily business updates to ‘help young people become rich,’ Sawiris says

LONDON: Egyptian billionaire Naguib Sawiris is set to unveil MONIIFY, a new digital business newsroom designed to cater to millennials and Gen Z audiences with a focus on emerging markets.

Scheduled for launch on Nov. 26, MONIIFY aims to become the “go-to space for business, tech, and finance updates” tailored to young entrepreneurs navigating the modern economic landscape.

“Young people today need more than traditional business and finance news,” said Sawiris. “MONIIFY speaks directly to the next generation of entrepreneurs, in their language, on the platforms they want”.

Based in the UAE, the platform will spotlight industries shaping the future, such as technology, artificial intelligence, private equity, cryptocurrency, and energy, with a particular focus on Southeast Asia, India, and the GCC — regions described by Sawiris as “bursting with potential.”

The platform promises daily updates, including breakdowns of investment trends and business opportunities, along with interviews featuring successful entrepreneurs.

It will also offer content formats such as short videos, explainers, deep-dive interviews, and a masterclass series featuring industry leaders sharing their success blueprints.

CEO Michael Peters, former head of Euronews, said MONIIFY represents a collective effort by top media professionals.

“We have brought together the best media talent from international markets as well as emerging markets who believe strongly in the MONIIFY movement, and who represent our brand,” said Peters.

MONIIFY creators will feature leading voices in financial content, including Eisa Al-Habib (UAE), Uptin Saiidi (US), Anushka Rathod (India), Felicia Putri Tjiasaka (Indonesia), Osamah Essam El-Din (Saudi Arabia), and Sara and Aaron Wee (Singapore).

In a teaser interview, Sawiris, chairman of Egypt-based Orascom TMT Investments with an estimated net worth of $3.8 billion, said he was inspired by his desire to help young people achieve financial success.

“I want to help young people become rich — even richer than me,” he said.

Sawiris has a history of high-profile initiatives. In 2011, he sold Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction. In 2015, he offered to buy a Greek or Italian island to house Syrian refugees, a plan that was ultimately rejected by both governments.


Advertising network Publicis Groupe partners with Dubai Business Women Council to support female businesses

Advertising network Publicis Groupe partners with Dubai Business Women Council to support female businesses
Updated 20 November 2024
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Advertising network Publicis Groupe partners with Dubai Business Women Council to support female businesses

Advertising network Publicis Groupe partners with Dubai Business Women Council to support female businesses
  • Publicis Groupe to host workshops focusing on public relations, brand communication, digital marketing

DUBAI: Advertising network Publicis Groupe Middle East has partnered with the Dubai Business Women Council to support female-founded micro, small and medium-sized businesses.

Founded in 2022 by Dr. Raja Easa Al-Gurg, chairperson and managing director of the Easa Saleh Al Gurg Group, the Dubai Business Women Council serves as a platform for the personal and professional development of businesswomen in Dubai.

This partnership will see Publicis Groupe host a series of workshops aimed at providing female business owners with a comprehensive knowledge of brand marketing and communications.

The first workshop, titled “The Power of Founder-Led Brands,” took place on Nov. 14 and was led by Andira Raslan, business director, and Sophia Boudjemaa, business director of strategy and insights, MSL Group Middle East.

During the session, Raslan and Boudjemaa emphasized the importance of personal branding and talked about strategies for building trust, increasing customer engagement, and instilling authenticity and personality in a brand.

Public relations, brand communication, digital marketing, social media strategies, innovation and growth are some of the topics that will be covered during future sessions.

“Effective marketing and communication can transform businesses, yet access to this knowledge and resources isn’t always within reach for small business owners,” said Bassel Kakish, CEO of Publicis Groupe Middle East and Turkiye.

The workshops aim to “democratize these insights and break down barriers for women entrepreneurs so they can elevate their brands,” he added.

Supported by the network’s in-house training and upskilling department Publicis Academy, the workshops are structured based on a survey conducted by the network to identify the challenges faced by micro, small and medium-sized businesses.

Nadine Halabi, head of business development and operations at the Dubai Business Women Council, said: “Empowering female entrepreneurs with the tools to elevate their brands is crucial for fostering innovation and growth within Dubai’s business landscape.

“Working with the experts at Publicis Groupe Middle East provides our members with access to strategic marketing and communication insights typically reserved for larger corporations.”


British MPs to summon Elon Musk over X’s role in summer riots

British MPs to summon Elon Musk over X’s role in summer riots
Updated 20 November 2024
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British MPs to summon Elon Musk over X’s role in summer riots

British MPs to summon Elon Musk over X’s role in summer riots
  • Inquiry will examine the impact of generative AI and social media in spreading harmful content
  • X is accused of playing an active role in spreading false claims that led to uprisings against minorities across the country

LONDON: Elon Musk, the CEO of X and a new appointee in Donald Trump’s administration, will be summoned by British MPs to testify about the role of his social media platform in spreading disinformation during the riots that shook England and Northern Ireland this summer, The Guardian reported on Wednesday.

The hearing, part of a Commons science and technology select committee inquiry into social media, is set to take place early next year.

Executives from other major platforms, including Meta and TikTok, are also expected to be called to testify.

“(Musk) has very strong views on multiple aspects of this,” said Chi Onwurah, the Labour chair of the select committee. “I would certainly like the opportunity to cross-examine him to see … how he reconciles his promotion of freedom of expression with his promotion of pure disinformation.”

She added that the session could “make up for” Musk’s reported frustration at being left out of a UK government investment summit in September.

The inquiry will examine the impact of generative AI and social media in spreading harmful content, particularly during the riots.

Images and posts shared on X and Facebook falsely claimed the attacker involved in the killing of three schoolgirls in Southport in August was a Muslim asylum-seeker.

These false claims fueled Islamophobic protests and violence targeting minorities, including asylum-seekers.

One individual was arrested under the Public Order Act for inciting racial hatred on X. The platform found the same content did not violate its policies on violent threats.

Musk himself joined the online discussion, controversially claiming that “Civil war is inevitable.”

His remarks drew backlash and accusations of meddling in foreign affairs, a criticism that he has faced again for commenting on Italy’s migration policies.

The inquiry comes as X faces increased scrutiny for its inability to curb misinformation and its updated terms of service, which allow the platform to train AI models on user data. This has led to millions of users abandoning the platform.

In an effort to calm the waters, former Labour minister Peter Mandelson, tipped as a potential UK ambassador to Washington, recently called for an end to the “feud” between Musk and the UK government, arguing that it is “unwise” for Britain to alienate him.

The committee’s investigation will also examine how Silicon Valley’s business models, including algorithmic amplification, contribute to the spread of misleading or harmful content.

Onwurah emphasized the need to “get to the bottom of the links between social media algorithms, generative AI, and the spread of harmful or false content.”


Taliban govt clearing ‘un-Islamic’ books from Afghanistan shelves

Taliban govt clearing ‘un-Islamic’ books from Afghanistan shelves
Updated 20 November 2024
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Taliban govt clearing ‘un-Islamic’ books from Afghanistan shelves

Taliban govt clearing ‘un-Islamic’ books from Afghanistan shelves
  • Committee identified 400 titles “that conflicted with Islamic and Afghan values”

KABUL: Checking imported books, removing texts from libraries and distributing lists of banned titles — Taliban authorities are working to remove “un-Islamic” and anti-government literature from circulation.
The efforts are led by a commission established under the Ministry of Information and Culture soon after the Taliban swept to power in 2021 and implemented their strict interpretation of Islamic law, or sharia.
In October, the ministry announced the commission had identified 400 books “that conflicted with Islamic and Afghan values, most of which have been collected from the markets.”
The department in charge of publishing has distributed copies of the Qur'an and other Islamic texts to replace seized books, the ministry statement said.
The ministry has not provided figures for the number of removed books, but two sources, a publisher in Kabul and a government employee, said texts had been collected in the first year of Taliban rule and again in recent months.
“There is a lot of censorship. It is very difficult to work, and fear has spread everywhere,” the Kabul publisher told AFP.
Books were also restricted under the previous foreign-backed government ousted by the Taliban, when there was “a lot of corruption, pressures and other issues,” he said.
But “there was no fear, one could say whatever he or she wanted to say,” he added.
“Whether or not we could make any change, we could raise our voices.”


AFP received a list of five of the banned titles from an information ministry official.
It includes “Jesus the Son of Man” by renowned Lebanese-American author Khalil Gibran, for containing “blasphemous expressions,” and the “counterculture” novel “Twilight of the Eastern Gods” by Albanian author Ismail Kadare.
“Afghanistan and the Region: A West Asian Perspective” by Mirwais Balkhi, an education minister under the former government, was also banned for “negative propaganda.”
During the Taliban’s previous rule from 1996 to 2001, there were comparatively few publishing houses and booksellers in Kabul, the country having already been wracked by decades of war.
Today, thousands of books are imported each week alone from neighboring Iran — which shares the Persian language with Afghanistan — through the Islam Qala border crossing in western Herat province.
Taliban authorities rifled through boxes of a shipment at a customs warehouse in Herat city last week.
One man flipped through a thick English-language title, as another, wearing a camouflage uniform with a man’s image on the shoulder patch, searched for pictures of people and animals in the books.
“We have not banned books from any specific country or person, but we study the books and we block those that are contradictory to religion, sharia or the government, or if they have photos of living things,” said Mohammad Sediq Khademi, an official with the Herat department for the Propagation of Virtue and the Prevention of Vice (PVPV).
“Any books that are against religion, faith, sect, sharia... we will not allow them,” the 38-year-old told AFP, adding the evaluations of imported books started some three months ago.
Images of living things — barred under some interpretations of Islam — are restricted according to a recent “vice and virtue” law that codifies rules imposed since the Taliban returned to power, but the regulations have been unevenly enforced.
Importers have been advised of which books to avoid, and when books are deemed unsuitable, they are given the option of returning them and getting their money back, Khademi said.
“But if they can’t, we don’t have any other option but to seize them,” he added.
“Once, we had 28 cartons of books that were rejected.”


Authorities have not gone from shop to shop checking for banned books, an official with the provincial information department and a Herat bookseller said, asking not to be named.
However, some books have been removed from Herat libraries and Kabul bookstores, a bookseller told AFP, also asking for anonymity, including “The History of Jihadi Groups in Afghanistan” by Afghan author Yaqub Mashauf.
Books bearing images of living things can still be found in Herat shops.
In Kabul and Takhar — a northern province where booksellers said they had received the list of 400 banned books — disallowed titles remained on some shelves.
Many non-Afghan works were banned, one seller said, “so they look at the author, whose name is there, and they are mostly banned” if they’re foreign.
His bookshop still carried translations of Russian author Fyodor Dostoyevsky’s “The Gambler” and fantasy novel “Daughter of the Moon Goddess” by Sue Lynn Tan.
But he was keen to sell them “very cheap” now, to clear them from his stock.