UNITED STATES: Elon Musk, the CEO of Twitter Inc., announced on Friday that the social media platform will take a 10% share of subscription fees for content after the first year as the business attempts to monetize material on the website in an effort to diversify its revenue sources.
Elon Musk, the company’s billionaire owner, claimed earlier this month that users of the social media network would be able to offer their followers subscriptions to material such as lengthy texts and protracted videos.
Musk has made changes to Twitter to increase revenue after the social media site’s advertising income declined in the year prior to his $44 billion acquisition. He has also stated that for the first 12 months of content subscriptions, the business will not take a cut.
Twitter has relaunched its creator membership programme, allowing users to monetise their tweets and develop a company in the app.
The programme will provide users with the ability to charge subscribers for premium services like subscriber-only spaces, exclusive badges, and a subscriber-only tweets tab on creator profiles.
Twitter has lowered the minimum follower requirement for “super followers” to 500, allowing more people to access the option.
Creators must have tweeted 25 times in the past 30 days and be over 18, and only US users can earn through the programme. However, users from all over the globe can sign up to be subscribers.
For access to their premium elements, producers will be able to charge $2.99, $4.99, or $9.99 a month, with the first year’s earnings going fully to the creators.
Musk believes that longer video uploads and tweets will discourage users from uploading content on external websites and encourage them to keep it all on Twitter.
However, to persuade users to be more in tune with long-form material, significant behavioural changes are needed. YouTube and Meta still offer greater monetization potential, but people are already annoyed by the longer tweets.
Twitter has attempted subscriptions, long-form content, and other options with limited success. Lowering the entry barriers may encourage more users to monetize the app, but it is uncertain if the vast majority of users will ever pay for tweets or associated content.
Perhaps, though, this will give bigger, more well-known stars more motivation to increase their Twitter following while also opening up fresh possibilities for lesser-known players.
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