How much is a moment worth?
According to Twitter, a Moment is worth $1 million.
That’s the reported asking price for companies looking to advertise in the 140-character social media network’s newest feature, Moments. The feature allows users to gather tweets related to a certain subject and tell the story through the various messages, photographs and videos.
The company is also introducing Promoted Moments, essentially the same thing as the format users can exercise, except the Promoted arm would be for companies looking to sell something. The first such moment came courtesy the film Creed.
The company responsible for the film reportedly paid $1 million for the collected messages to be sent out on Twitter.
The price tag may seem steep, but as Fox Business reported it’s not unheard of for social media sites to ask high prices for such advertising. Instagram, owned by Facebook, had high prices when it began and still requires a minimum $100,000 for full service advertising campaigns.
Digiday reported, though, other companies are jumping on Twitter’s new format with Starbucks and Verizon digging into their pockets to share Moments with Twitter users.
But the price may be just a bit too steep for some, as one entertainment advertiser told the site.
“$1 million was the price on the table. It was a bundled price — you had to buy the Moment as well as a Promoted Trend and media in Twitter,” the top entertainment advertiser stated. “We haven’t done it yet as we need the price to come down.”