Cannes Lions Creativity Week featured a host of high-profile figures who set new standards for the Creative industry. The meeting between two giants – Mark Read (CEO of WPP Communications Group) and Elon Musk (Owner and CTO of X) attracted a large crowd of experts, investors and technology enthusiasts.
In the past year, Elon Musk has often made controversial statements on X (formerly Twitter), leading to brands pulling their ads from the platform one after another for fear of repercussions. Frustrated by this, in November 2023, at the New York Times DealBook Summit, Elon Musk threatened brands such as Disney, Apple, IBM, Sony, etc. “If anyone dares to blackmail me with advertising contracts, with money, go die. Yes, go die, am I clear?”, Elon Musk said.
The simultaneous cut in advertising budgets by the “big guys” has led to significant financial losses for X. Is this the reason why Musk returned to Cannes Lions – the heart of the Marketing & Communication industry – with the goal of convincing advertising investors to return to X?
Overview of X in 2024
In 2024, X – known as a media giant, is facing a complex landscape. Despite having a significant user base of over 237 million daily active users, the platform is facing many challenges and uncertainties.
Elon Musk at Cannes Lions 2024.Source: Bloomberg
One important aspect is X’s role in the ongoing debate over online content moderation. Questions have been raised about how the platform handles sensitive content, with concerns ranging from the spread of misinformation to the potential for stifling free speech. Platform X has implemented new policies and steps to address these issues, but the debate continues.
On the positive side, X remains a powerful tool for communication and information dissemination. Major events, news, and social movements are often found on X, with hashtags and trending topics sparking global discussions. Additionally, X can be a valuable space for businesses looking to connect with customers and build brand awareness.
Elon Musk talks about X now and upcoming plans
During a panel discussion at the Cannes Lions International Festival of Creativity, Elon Musk presented the development of X, highlighting significant improvements in ad targeting.
He noted that X has moved to a fully AI-based system that treats content and advertising as equals. Musk explained his vision of advertising as part of the content, emphasizing the importance of being relevant and useful to viewers. This development presents an exciting opportunity for advertisers to engage more effectively with their target audience.
Elon Musk and Mark Read at a talk at Cannes Lions 2024.Source: Ad Age
What was most interesting about the discussion was Musk’s newfound respect for advertisers. He clarified his stance on last year’s controversial comments: “First of all, I’m not talking about all advertisers. This is about free speech,” Musk said. “The most important thing is that users have a free speech platform globally where people with a wide range of views can freely express their opinions.”
“It’s worth a try and I’m very interested in feedback, ” Musk told global advertisers and media at Cannes Lions 2024. “ X is focused on showing ads to people who find them interesting. We’re getting better and will continue to get better. Third parties give us an A-plus for brand safety.”
