Twitter has brushed off its recent loss broadcast rights for America’s National Football League to internet rival Amazon and has instead said that it will refocus its resources towards live video streaming services, which will be key towards the company increasing push towards generating more revenue.
Twitter’s chief operating officer Anthony Noto, who is also the company’s chief financial officer, said Thursday Night Football had been just the beginning of its live video strategy, and that it has gone on a content binge. During the second quarter of 2017, Twitter has signed 40 new partnerships to help increase profitability.
The former chief financial officer of the NFL and Goldman Sachs global co-head of technology, media and telecommunications investment banking, told The Australian Financial Review that while the NFL loss was a blow, it had a much broader plan for live broadcasting and now has deals with more than 200 content providers.
“We think it’s always important to make sure we’re with our advertisers and remind them of some important elements when they invest in Twitter,” Mr Noto said. “We have a very differentiated ability to do advertising with video – premium branded video.”
Twitter has streamed over 1, 200 hours of live premium video during the second quarter of 2017 reaching over 55 million internet users, which is an increase of 22 percent when compared to the first quarter of the year. The social media platform has content deals with big firms such as Women’s National Basketball Association, Major League Baseball, PGA Tour, Bloomberg, BuzzFeed and many more.
“We’re trying to build an impactful company that maximises shareholder value. We’re on a path to be able to achieve GAAP profitability at specific revenue,” Mr Noto said, but would not specify what that revenue number was.