Twitter Launches User Content Subscriptions; Elon Musk Offers Stock Grants to Employees
Twitter users can now offer their followers subscriptions to content, including long-form text and hours-long video, according to an announcement made by Twitter owner Elon Musk on Thursday. The new subscription feature can be accessed through the “Monetization” tab in settings.
Users who offer subscriptions will receive all the money subscribers pay except for the charges platforms such as the Android and iOS levy. Twitter will not take a cut for the first 12 months. Musk claimed that users offering subscriptions will receive 70% of the payment on iOS and Android and around 92% on the web. Twitter will also help promote the creators’ work and maximize earnings.
However, Google has rejected Musk’s claim and lowered the service fee for all subscriptions on Google Play to 15% from 30% in 2022.
Musk has been making changes to boost Twitter’s revenue after the platform saw a drop in advertising income last year. He has implemented product and organizational changes, including offering the Twitter-verified blue tick as a paid service and reducing the employee base by about 80%. Musk stated that the social media firm is now “roughly breaking even.”
In addition to the new subscription feature, Elon Musk has offered Twitter employees stock grants at a valuation of nearly $20 billion. This reported valuation is less than half of the $44 billion Musk paid to acquire the social media platform, pointing to a drop in Twitter’s value.
With these new changes, Twitter hopes to boost its revenue and attract more users to the platform.
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