The Friday Five: Brands Flee X, Musk Makes Expletive Remarks in Response, and TikTok Users Loving Long-Form Content

Welcome to The Friday Five – your weekly snapshot of marketing, tech, and social media.

Today, discover why social media's promise of in-stream e-commerce purchases faces a trust hurdle, with 62% of consumers favouring dedicated eCommerce platforms.

Then, TikTok, the reigning king of short-form content, finds that users are enjoying longer videos. And, in the latest controversies around X, major advertisers, including Disney and Paramount, exited X, causing Elon Musk to unleash an unapologetic response directed at them.

Lastly, a study unveils the advertising blind spot for those over 40, despite their substantial spending power.

Join us for a concise journey through the week's top stories, and stay tuned for more every Friday!

1. Trust with Social Media Platforms Stopping In-Stream Purchase Revolution, New Report Says

In 2023 we've seen social media apps slowly venture into eCommerce.

And yet, despite the increasing trend of in-stream purchases, a recent survey by The Influencer Marketing Factory reveals that 62% of US consumers still prefer dedicated eCommerce platforms over social media for their online shopping.

Despite people engaging in online shopping this report highlights a real trust issue that customers have with social media platforms when it comes to purchasing goods.

An alarming 31% of respondents express reservations about trusting social media for purchases, citing concerns about data security and a lack of information about sellers.

Interestingly, the survey identifies clothing as the most frequently bought category on social apps, with 40% of consumers viewing product reviews as crucial in their purchasing decisions.

Despite the trust challenges, the findings suggest a potential shift, as users typically decide to purchase a product after encountering it one to two times on social media.

For more, visit Business of Apps .

2. Users Spend Half of Time on TikTok Watching Long-Form Content

While short-form content has been the de facto format for social media businesses and users alike.

TikTok has quietly introduced a longer video format, and it seems users are taking notice.

At a recent creator event, TikTok shared insights that reveal users now spend half their time on the app watching videos longer than 60 seconds. Moreover, creators who ventured into long-form content (videos exceeding one minute) witnessed a remarkable fivefold increase in followers over the preceding six months.

Considering these trends, TikTok is currently testing a further extension of its video length limit, potentially allowing videos up to 15 minutes. In a strategic move, the platform plans to shift from its $1 billion creator fund to a monetisation method rewarding creators specifically for longer videos.

However, sceptics question the sustainability of this long-form momentum. TikTok's rapid-fire, dopamine-inducing user experience may clash with the extended engagement required for long-form content.

While the move to long-form content may offer more ad revenue-sharing opportunities, there are concerns about TikTok's audience accustomed to swift content consumption.

Tubefilter has more on this story.

3. Huge Corporations Appear to Have Permanently Flee X

In yet another significant blow to X, major advertisers, including industry giants like Disney, Paramount, Lionsgate, Sony Pictures, and Universal, have not posted on the platform for nearly two weeks.

Contrary to initial reports suggesting there were to be temporary campaign pauses, it now appears that these key brands have completely halted their advertising efforts following Elon Musk's endorsement of an antisemitic conspiracy theory.

Industry insiders cited concerns around brand safety as the driving force behind companies ceasing to post on official handles.

Financially, X is expected to face a substantial hit, with predictions indicating a potential loss of up to $75 million in ad revenue by the year's end, as reported by The New York Times. The blackout extends beyond corporate advertisers, with high-profile accounts like Star Wars and Marvel Studios also suspending activity on X.

Since Elon Musk's takeover last year, X has experienced a notable decline in ad revenue. And, while there's a possibility that major advertisers may return in the future, the uncertain resolution of X's ad revenue issues could potentially have severe consequences for the platform's future.

For more on X's troubles, visit Search Engine Land .

4. ‘Go F*** Yourself’, Says Musk to Advertisers Who’ve Exited X

In the wake of a significant advertiser exodus from X, as we've just reported on, Elon Musk delivered a profanity-laced message during the New York Times' DealBook Summit.

Responding to major advertisers, including Walt Disney, who withdrew ads due to concerns over Musk's endorsement of an antisemitic tweet and increased hate speech on X, Musk stated, "Don't advertise. If someone's going to try to blackmail me with advertising, blackmail me with money, go f*** yourself."

This combative stance followed a brief moment of contrition where Musk acknowledged his 15 November tweet endorsing antisemitic content as one of his worst.

Despite apologising, Musk maintained his characteristic antagonism, denied accusations of antisemitism and directed explicit language at advertisers, including a pointed mention of Walt Disney's CEO, Robert Iger.

The departure of advertisers like Apple, IBM, and Coca-Cola may result in up to $75 million in revenue losses for X.

Musk acknowledged the potential dire consequences of the advertising boycott, stating, "What this advertising boycott is going to do is, it is going to kill the company."

Musk's actions add to a series of erratic decisions since his takeover of X, causing concerns among advertisers who traditionally form the core of the platform's business.

The Guardian offers further insight here.

5. People over 40 Ignored Entirely by Brands New Study Finds

Despite their substantial spending power, over nine in ten individuals aged 40 and above feel neglected by advertisers who fail to represent their age group in marketing content, according to a survey conducted by creative comms consultancy Anything But Grey.

The study, involving 1,500 participants aged over 40, sheds light on the prevalent blind spot within the advertising industry towards middle-aged and older consumers.

A notable finding reveals that 33% of respondents over the age of 50 could not recall any recent advertising featuring someone their age across any channel. This figure rises to nearly half (48%) for those over 60.

The research underscores the missed opportunity for brands to connect with a demographic that represents 47% of all consumer expenditure, amounting to ￡602 billion.

Nicola Roberts, another co-founder of Anything But Grey, emphasises the untapped potential within this market, noting that many individuals in this age group are open to trying new things and possess a greater disposable income, even amid the challenges posed by the cost-of-living crisis.

The team at Marketing Beat have more on this story.

And that wraps up another edition of The Friday Five! We've explored the intricate dance of trust in social media, witnessed TikTok's evolution towards long-form content, delved into X's advertiser exodus, experienced Elon Musk's unapologetic response, and uncovered the overlooked consumer power of the over-40 demographic.

Have a fantastic weekend, and we'll be back here, at the same time next week, for another edition of The Friday Five!