The first half of 2022 saw a small increase in global app expenditure to $65 billion from $64.4 billion in 2021 as the pandemic-fuelled hypergrowth abated. However, generally, the app economy is still expanding. According to the most recent year-end figures, the combined iOS and Google Play stores saw a record amount of downloads and consumer expenditure in 2021. Consumers downloaded 143.6 billion applications last year, spending $133 billion worldwide between iOS and Google Play.
Twitter saw one of its most disorganized, terrible moments this week in history. It also may have been one of the most fascinating in terms of rubbernecking. Nearly every minute, something new occurred directly on the platform or within the firm.
Given that Twitter was losing money and struggling to increase its user base, one could argue that Musk was correct in adopting a novel strategy there. It’s not rare for new executives to be brought in during a takeover, and mass layoffs when a business has financial difficulties are also not uncommon. Experimentation with new products is also to be anticipated. Additionally, it makes sense to redesign Twitter Blue, which hasn’t been successful in gaining subscribers.
How the issue is causing a problem is bigger than what the issue is. Musk fired employees who may have provided more insight, showing that he had not considered the effects of his moves. He lost the chance to truly listen to current staff members who might have explained what Twitter has done, what has failed, and why they are doing the things since he moved to make substantial cutbacks throughout Twitter right away (after bizarre notions about code reviews, allegedly). Even if Musk didn’t agree with Twitter’s present course, he could still utilize those insights to guide his future choices better.
Musk warned Twitter’s staff at an all-hands meeting on November 10 that the company might experience a net negative cash flow of billions by 2023 and that bankruptcy wasn’t out of the question.
The top EU regulator then went after Twitter, scheduling a meeting for the following week to discuss issues like the resignation of the data protection officer and whether Twitter still counts Ireland as its principal place of business for GDPR purposes.