This week is a big one for Twitter, who just yesterday, announced over 12 new partnerships with leading video and content production companies. With the goal of creating more live content exclusive to the social media platform, the list of new partners include Bloomberg, Buzzfeed, Viacom, The Verge, Live Nation, WNBA, PGA, and many more. This multi-partner announcement is a great move by Twitter for a number of reasons, the top five of which are outlined in this week’s TACK10 Tuesday Top.
1. Bringing the attention back to a slowing brand
With a recent history of declining stock prices and a slowing growth of active users, Twitter has been the subject of much speculation surrounding the future of the platform. While other social media giants like Facebook and Instagram have repeatedly upgraded and introduced new features, Twitter has been more conservative in its updates. This makes yesterday’s massive partnership announcement all the more interesting, bringing the attention back to Twitter. Just hours after Twitter announced its first new partnership, with Bloomberg, its shares jumped 6 per cent.
2. Expanding Twitter’s reach into different industries
With the variety of content partners announced, Twitter is able to emerge into different industries like news, sports, and entertainment, in a way the platform has never done before. For example, Twitter has previously streamed live Major League Baseball games, with a deal that allows the platform to stream one game per week – but included in yesterday’s partnership announcement was an extended deal between Twitter and the MLB to stream a weekly Twitter-exclusive 3-hour highlights show in addition to the live game broadcast. This is an example of a great strategic partnership, one that evolves as the individual partners do.
3. Capitalizing on popular trends
Buzzfeed is an online platform that has become more and more popular with millennials since its launch in 2006. Its biggest draw was once the number of easy to read and lighthearted listicles posted throughout the day, but Buzzfeed has since opened its doors to more interactive content like games, quizzes and videos. Anyone with a Facebook account knows the platform is a popular one just by the sheer volume of Buzzfeed content shared each day. This partnership with Twitter includes the development of a live morning news broadcast called MorningFeed that will feature popular tweets, memes, and current events.
4. Focusing on what people want with their online experience
The days of scrolling through pages of text are over (and have been for some time now). People are time-starved, and require more unique content to both spark their interest and give them the information they want in a timely manner. This has led to the rise of video use on social media, with more news outlets and magazines repurposing their article content into short, illustrative videos. While the majority of Twitter’s new partners will likely produce longer-format video like morning shows and concert streaming, the content still takes Twitter away from a tweet-only platform and into a more interesting stop for entertainment.
5. Proving Twitter is doing its research
By creating so many content-producing partnerships, Twitter has shown the world that it has done its industry research, is aware of what its own brand can offer, and knows what it needs to do to stay relevant in an ever-changing digital environment.
Specific details are still to come on the majority of the new Twitter partnerships, but what we do know is that the intention is to bring live programming to the forefront of the platform, evolving the Twitter experience. These multiple content partnerships have the power to completely change the way people use Twitter, potentially bringing in more users, or bringing back those who have been slowly backing away from the platform. In a world where user experience is so important, this switch of focus to video and live programming is an excellent venture for Twitter, and an example for other social platforms to follow should the results prove success.