On April 28th, according to Reuters, Elon Musk, CEO of Twitter Inc, announced that the social media platform will be implementing a 10% fee on content subscriptions after the first year. The aim of this move is to diversify the company’s revenue sources by monetizing content on the website.
As previously stated by Musk earlier this month, users of the social media platform will be able to offer their followers subscriptions to content, which includes long-form text and hours-long video.
In addition, Musk stated that for the initial 12 months, the company will not receive a percentage from content subscriptions.
To increase revenue for Twitter, Musk has been implementing modifications since the platform experienced a decline in advertising income last year, prior to his $44 billion acquisition that concluded in October.
Musk also announced that in the second year, the company’s share from subscriptions on iOS and Android platforms will decrease from 30% to 15%.
