Elon Musk, the owner of Twitter, announced on Thursday that the social media platform would introduce a subscription service. Twitter’s new subscription service will allow users to offer content to their followers, including long-form text and hours-long videos. The move comes as Twitter seeks to increase revenue after experiencing a decrease in advertising income last year.
How to Access the Subscription Service?
The subscription service can be accessed through the “Monetization” tab in the settings. Creators will receive all the money paid by subscribers, minus any fees that platforms like Android and iOS charge. Twitter will not take a cut for the initial year. In a tweet, Musk mentioned that creators would receive 70% for subscriptions on iOS and Android (which charge 30%), and 92% on the web (depending on the payment processor).
How Will Creators Benefit?
Twitter will assist in promoting the work of creators and maximizing earnings. Creators who use the subscription service will have a new revenue stream that is entirely independent of advertising revenue. As a result, Twitter is hoping that the subscription service will entice more users and keep them on the platform for longer periods.
Why Twitter is Introducing the Subscription Service?
Twitter’s advertising revenue decreased last year, and after Elon Musk’s on-and-off acquisition bid, which concluded in October, Musk has been making changes to boost revenue. Since taking over, Musk has quickly implemented numerous product and organizational changes. For example, the introduction of a paid service called Twitter-verified blue tick resulted in a reduction of approximately 80% of Twitter’s workforce.
Conclusion
Twitter’s subscription service is an exciting new development that could entice more creators to the platform and keep them engaged for longer periods. As a result, it has the potential to increase Twitter’s revenue and compete with other subscription-based social media platforms. It will be interesting to see how the subscription service is received by creators and users alike and whether Twitter can keep pace with rapidly changing social media trends.
