Twitter is the latest tech company to publish its financial results for the final quarter of 2020. It ended the year with 192 million ‘monetisable daily active users’ (mDAUs – its chosen metric) which was up 27% year-on-year. Twitter’s revenues also grew, by 28% to $1.29bn, helping it to an operating profit of $252m.
In keeping with other advertising-driven tech companies, Twitter saw strong growth in ad revenues despite the Covid-19 pandemic: they were up 31% year-on-year to $1.15bn in Q4.
Meanwhile, CEO Jack Dorsey is looking to the future, pitching analysts on his idea for the future of discovery on social networks. Rather than a single algorithm controlling what people see in their feeds, Dorsey is dreaming up “an app-store-like view of ranking algorithms” for people to choose from, which Dorsey hopes would “not only help out business, but drive more people into participating in social media in the first place”. If this ever happens, there could be an opportunity for the music industry: imagine creating a Twitter feed algorithm for music fans, tilted towards artists and music media…