X Business has made significant strides in its mission to convert the app into a global town square in the previous year. After laying the groundwork in 2023, the company aims to bring its vision to life in 2024. According to the company's statement on its one-year acquisition anniversary, X Business is far from a typical app; it's evolving into the 'everything app,' a platform that seamlessly amalgamates experiences into one user-friendly interface.
In 2023, X Business prioritised free expression, developing its content moderation strategy around this principle. It invested heavily in Community Notes to improve the accuracy and balance of information being shared on its platform. X noted that they have over 320 thousand contributors from 65 countries as of December, contributing to Notes that are perceived over 50 million times daily.
Various improvements have also been implemented to enhance the user experience on X Business. Following these updates, X has become a video-centric platform, boasting ten user sessions, of which eight involve viewing videos. Additionally, the platform has introduced the Immersive Video feature, which already has over 100 million daily users, more than half of whom are Gen Z, reportedly the fastest-growing demographic on X.
The platform has also enabled long-form video uploads as a response to the high engagement rates for videos that are at least 30 minutes long. Other added features include audio and video calling that averages a duration of ten minutes and a hiring feature that currently lists 750 thousand active jobs. Existing products like Spaces have seen a spike in usage after infrastructure upgrades were implemented, prompting nearly 30 million conversations last year.
The reach of the Communities initiative, initially a pilot project, has been expanded to include all English-speaking countries and Japan, with plans for a global rollout. Users reportedly spend over 300 million minutes daily on Communities, with over 350 thousand communities and approximately 650 thousand posts being created daily.
The introduction of Grok, a new AI search assistant developed by xAI, has been met with positive responses. Speaking about Grok's unique features, X Business mentioned that it has a sense of humour and benefits from real-time access to the platform's global public conversations.
X Business continues to support and invest in creators and content partnerships. Over 80 thousand creators have been paid through the ad revenue-sharing program in less than a year. The platform has also improved its algorithm to make advertising more effective, which has resulted in a 22% increase in total ad engagements.
The company highlighted that X Business is the go-to platform for individuals globally who wish to follow their passions and stay updated, especially during significant events. Several cultural events and movements showcased the irreplaceable nature of X Business and the loyalty of its communities.
As X Business enters 2024, it plans to enhance further the user and advertising experience using artificial intelligence. The company revealed plans to launch peer-to-peer payments and continue investing in creators and content partnerships. The company aims to emphasise its commitment towards users, partners, and communities as it seeks to innovate in the coming year.