X Offers to Match Shopify Credit for the Holidays

X has announced a new promotional effort aimed at Shopify merchants, offering ad credit matching to boost holiday sales. This initiative comes as the platform continues to face financial challenges, with reports indicating that X’s revenue has significantly declined since Musk acquired the company in 2022 – primarily due to advertisers pulling away from the platform and leaving some obvious gaps in the revenue stream.

Through December 1, Shopify store owners can take advantage of X’s promotion, which matches their ad spend with ad credits when they connect their Shopify accounts and consult with an X Ads Specialist. The credits, valid for 30 days, are intended to help merchants scale their businesses during the crucial holiday season. While there are conditions, such as committing to a minimum ad spend, the offer provides an opportunity for Shopify merchants to expand their reach at no extra cost.

This push reflects X’s need to reinvigorate its ad business, which has struggled since Musk’s controversial changes to the platform. Despite these challenges, there are signs that some advertisers may be returning to X, potentially anticipating Musk’s influence and a bounce-back in X’s overall popularity – however, the platform is still projected to bring in just $2.9 billion in revenue for 2024, a sharp decline from Twitter’s $4.4 billion in 2022.

The ad credit matching promotion is a result of both X’s efforts to attract more advertisers and its ongoing struggles to regain its footing in the competitive digital ad market. In the short term, this is likely to cause a spike in new X advertisers, including advertisers who had never considered a campaign on X (or, previously, Twitter) for their business. It’s unclear exactly how this will pan out long-term, but the credit matching will undoubtedly draw in some new business to the platform.