Elon Musk, the owner of the social media app, Twitter said that users will be able to charge for access to their content on Twitter, "from longform text to hours-long video," beginning Thursday.
He tweeted on the app saying, “Apply to offer your followers subscription of any material, from longform text to hours long video! Just tap on “Monetization” settings.”
Apply to offer your followers subscriptions of any material, from longform text to hours long video!
Just tap on “Monetization” in settings.
— Elon Musk (@elonmusk) April 13, 2023
According to Twitter-owner Elon Musk, Twitter will not keep any of the revenue that users generate from subscriptions for the first 12 months. After deducting app store costs, subscribers will retain at least 70% of their subscription earnings on mobile, he continued. Musk made no further technical explanation of the scheme.
Elon Musk, in a bid to make it possible for Twitter users to make cash off their Twitter accounts, is competing against the newsletter firm Substack with comparable money-making alternatives in order to enable users to monetize their Twitter accounts. In the meantime, Substack is trying to resemble Twitter more and more. This modification might attract additional content producers to the app or deter them from leaving.
Twitter will not take a portion of the membership fees during the users’ first 12 months, but this could be a strategy to eventually increase their revenue down the road. Google stated that it will only charge 15% for a subscription, as compared to Apple’s reduction to 15% from 30% after the first year.
The X Corp. subsidiary Twitter has recently had trouble making money from its network. Since Musk took over, Twitter’s ad business, which made up more than 80% of total revenue, has decreased by 50%. As of April 2023, only 1% of monthly users have subscribed to Twitter Blue, a premium version that the firm is hoping will increase income.
Also Read – Twitter blue launches paid subscription plans in India: What are the benefits?
