X (formerly Twitter) has introduced a new $250 ad credit in order to lure back advertisers.
"To show our appreciation to the small business community and highlight our recent product improvements, X will offer a one-time ad credit of $250 USD when a small business spends $1,000 USD on a new campaign within the next
30 days," the company said in a Business blogpost.
According to the company, more than eight in 10 active advertisers on the platform are small and medium businesses
In a related FAQ page, the platform said that the X Ads credits "Credits" will expire on December 31 of the calendar year they were issued.
Also, the use of the Credits may be subject to a minimum spend on X Ads.
"If User’s ads account currency differs from US Dollars, an equivalent value of the Credits will be applied in User’s account currency (the rate of exchange shall be determined in X’s sole and absolute discretion)," the
company added.
The announcement follows an interview that X CEO Linda Yaccarino did with CNBC earlier this month, reports TechCrunch.
Yaccarino had mentioned that X was incorporating AI-driven advertising technology that allows brands to control the content environment for their ads.
This means brands can decide how careful they want to be about the kinds of content their ads are placed alongside.
Yaccarino had also pointed out the resurgence of advertisers coming back to X, such as Coca-Cola and State Farm, after Elon Musk's takeover of the company had led several major advertisers to leave or reconsider their ad
spend.
However, the reality is that the company's advertising revenue has been declining despite Yaccarino's assurances.
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