Twitter Launches Consumer Content material Subscriptions; Elon Musk Says Platform Received’t Take Minimize for 12 Months

Twitter-owner Elon Musk stated on Thursday customers of the social media platform will be capable to provide their followers subscriptions to content material, together with long-form textual content and hours-long video.

Users providing the subscription, a function they’ll entry via the “Monetization” tab in settings, will get all the cash subscribers pay aside from the costs platforms similar to Android and iOS levy. Twitter won’t take a minimize for the primary 12 months.

“That’s 70 % for subscriptions on iOS & Android (they charge 30 percent) and ~92 percent on web (could be better, depending on payment processor),” Musk stated in a tweet, including Twitter will even assist promote the creators’ work and maximize earnings.

Google rejected Musk’s declare in an e mail to Reuters and stated it had lowered the service payment for all subscriptions on Google Play to fifteen % from 30 % in 2022.

Musk has been bringing in modifications to spice up income at Twitter after the social media platform noticed promoting revenue drop final 12 months within the run as much as his on-again-off-again acquisition that closed in October.

Since taking on, Musk has swiftly moved via numerous product and organizational modifications. The firm rolled out Twitter-verified blue tick as a paid service and shrunk the employee-base by about 80 %.

The social media agency was now “roughly breaking even”, Musk stated in a Twitter Spaces interview on Wednesday.

Elon Musk has supplied the social-media firm’s staff inventory grants at a valuation of almost $20 billion (roughly Rs. 1,64,600 crore), the Information reported final month, citing an individual conversant in an e mail Musk despatched to Twitter employees.

The reported valuation is lower than half of the $44 billion (roughly Rs. 3,62,100 crore) that Musk paid to amass the social media platform, pointing to a drop in Twitter’s worth.

Twitter didn’t instantly reply to a Reuters’ emailed request for a remark.

© Thomson Reuters 2023