Elon Musk, the CEO of Twitter, announced on Friday that the platform will implement a 10 percent fee on content subscriptions after the initial year. This move is part of a broader strategy to monetize content and diversify revenue streams for the social media giant.
Earlier this month, Musk revealed that Twitter users would have the opportunity to offer subscriptions to their followers for various types of content, including long-form articles and extended videos.
He previously stated that there will be no fee imposed by the company for the first 12 months on these content subscriptions.
These changes at Twitter come as Musk seeks to enhance the company’s financial performance, particularly following a decline in advertising revenue leading up to the completion of his $44 billion acquisition in October.
Musk also mentioned that the cut from subscriptions on iOS and Android will decrease from 30 percent in the first year to 15 percent in the second year.
In related developments, Musk recently shared updates concerning the verification process for accounts on Twitter. Following the removal of blue verification ticks from various high-profile personalities, only accounts that pay for the blue tick can maintain their verified status. This latest change aims to encourage more users to subscribe and thereby regain the assurance that accompanies verification.
The blue tick previously played a crucial role in preventing impersonation of notable figures and combating the spread of misinformation.
© Thomson Reuters 2023
