Financial filings for the UK
Due to Twitter’s full rebranding to X in 2023 following Elon Musk’s takeover of the company, the business has ceased to trade publicly, and it remains uncertain whether any additional financial reports are to be released. In 2021, the last recorded fiscal year, Twitter UK Limited generated approximately 196 million British pounds, whilst total profit stood at almost seven million GBP. Twitter UK's cost of sales for the year amounted to 191 million GBP, and the company’s profit before tax came to just over six million British pounds in 2021.Are users staying loyal to X?
In 2023, there were 18 million users of X in the United Kingdom, and by 2027, it is estimated that this number will rise to 19 million. As of September 2023, Millennials made up 40 percent of X users in the United Kingdom, followed by Generation X, who accounted for almost 30 percent of users in the UK. Additionally, over 62 percent of users were men, an unusual gender imbalance which is not seen across other major social media platforms.Although X/Twitter has managed to retain overall audience numbers in the country, there has been a decrease in the frequency of which avid users check-in with the service. In July 2022, 11 percent of Twitter users in the UK reported using the platform multiple times a day, falling to nine percent in July 2023.
Read all about it on X
Almost every social media user in the UK had heard of X/Twitter as of June 2023 with 35 percent of social media users using the platform at this time. When still operating as Twitter, the service was known amongst internet users and established media outlets as the platform for accessing reliable and timely news updates, as it offered a verification system in which journalists, news sites, and politicians would have their identity confirmed via an application process. In November 2022, following Elon Musk’s takeover of the company, the verification system underwent major changes, in which users were given the option to subscribe and pay for verification. Nevertheless, as of April 2023, 59 percent of UK users were following at least one journalist on X, whilst 50 percent were following the BBC’s account.There is no doubt that people in the UK are still using X for news, even though there has been a slight decline in utilizing it for this purpose. In 2023, 13 percent of X users in the UK reporting having recently used the platform to access news, compared to 16 percent in 2021.
