Revolutionizing Video Streaming: Elon Musk’s X Launches TV App for Amazon and Samsung Smart TVs
In a strategic move to rival YouTube and reposition itself as a premier video platform, Elon Musk’s X is set to unveil a television app compatible with Amazon and Samsung smart TVs next week, according to an insider at the company who spoke with Fortune. The app, which bears a striking resemblance to YouTube’s TV app, is part of Musk’s broader vision to attract online influencers and advertisers by enticing users to enjoy “long videos on a bigger screen.”
Ambitious Competitors in Musk’s Crosshairs
Musk’s determination to take on YouTube extends beyond this latest development, with sources revealing a desire to compete with platforms such as Twitch, Signal, and Reddit. The anonymous source emphasized Musk’s commitment to making X a formidable contender in the competitive online space.
X’s Evolution: From Text to Video
Formerly known as Twitter, X has undergone a transformation, proclaiming itself a “video-first platform” in January. This shift aims to position X as a major player in the saturated streaming video market, reminiscent of its previous attempts to enter the television space dating back to 2010.
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Strategic Vision: Celebrities, Influencers, and Gaming
Musk’s vision for X’s streaming video revolves around media celebrities, online influencers, and video game streamers. Recent high-profile partnerships, including a deal with former CNN anchor Don Lemon and exclusive long-form content from Tucker Carlson, underscore X’s focus on attracting top-tier talent.
Content Creators’ Migration to X
Musk has actively encouraged content creators to migrate their entire video content to X, promising enhanced ad revenue streams. Notable YouTuber Mr. Beast tested the waters, generating over $250,000 in revenue for his first X video, though he expressed skepticism about potential advertising-driven inflation.
Challenges in the Face of YouTube Dominance
Competing with YouTube, a Google-owned giant, presents challenges, but Musk’s strategy involves luring creators with lucrative incentives. Recent data suggests that nearly half of YouTube’s U.S. viewership in 2023 occurred on TVs, highlighting the significance of Musk’s push into the television space.
Downsides: User Decline and Advertiser Exodus
Despite strategic moves and features, X has experienced a decline in users and advertisers. A recent report revealed a 30% drop in platform usage over the past year. Notable advertisers, including Disney, IBM, and Apple, distanced themselves from X following controversial statements made by Musk, leading the platform to rely on unconventional ads.
Valuation Woes
Under Musk’s ownership, X’s valuation has plummeted. Fidelity reports a 71.5% decrease in value since Musk’s $44 billion acquisition, estimating the platform’s current value at around $12.5 billion. An internal all-hands meeting in November aimed to address the decline, urging staff to brainstorm ways to inject new revenue into the company.
Elon Musk’s X stands at a crucial juncture, navigating challenges and opportunities as it seeks to carve a distinct niche in the competitive landscape of online video platforms.
