Elon Musk is increasing the reach of his Twitter advertising platform. The big boss of the gigantic social network has publicly announced that Twitter users will soon be able to earn money through subscription. This allows users to send tweets, images, and videos exclusively to their paid subscribers.
In an effort to diversify revenue streams, Twitter, Tesla and SpaceX CEO Elon Musk announced on Friday that the social media network would take a 10% off content subscriptions after the first year.
Content creators can now activate subscriptions to their texts, photos and videos worldwide on this platform! https://t.co/XzrFMLPytB
— Elon Musk (@elonmusk) April 28, 2023
Following the announcement that the billionaire earns nearly $100,000 a month thanks to his 24,700 Twitter followers, the decision to make the switch was made. Now that Musk wants users to earn money too, he’s giving them the option to keep all the money they earn in the first year from their posts.
If successful, this idea could completely change the way users of the social media site monetize their content. Similar to how YouTube and Patreon artists sell their material, the new tool would allow content creators to earn money directly from their fans.
Following the announcement that the billionaire earns nearly $100,000 a month thanks to his 24,700 Twitter followers, the decision to make the switch was made. Now that Musk wants users to earn money too, he’s giving them the option to keep all the money they earn in the first year from their posts.
Image: TechnoPixel
Elon Musk’s drastic measures to stay relevant?
Since Elon Musk took control of Twitter, the company has implemented a number of drastic changes in order to become profitable, such as laying off much of its workforce and launching a paid premium service called Twitter Blue.
Musk viewed the demand for a monthly fee to earn a “blue tick” on Twitter as a much-needed source of revenue for the company, despite many already verified users objecting.
Content creators may wish to enable subscriptions on this platform.
Just tap on Monetization in the settings. pic.twitter.com/CmD06Mczmn
— Elon Musk (@elonmusk) April 24, 2023
Since closing Musk’s $44 billion acquisition of Twitter in October, he has made changes to boost revenue after the platform saw a drop in ad revenue last year.
The latest update focuses on user experience and aims to increase follower interaction and generate additional revenue for the social media site.
Stripe is Twitter’s payment processing partner. Earnings for account holders start at just $50 and they can earn up to 97% on all earnings up to $50,000. Additionally, monthly subscriptions are automatically renewed and are not subject to a refund policy.
Total market cap of cryptocurrencies currently at $1.16 trillion on the weekend chart at TradingView.com
Competition from alternative platforms has increased
With the introduction of a monetization function, Twitter will enter head-on competition with sites like Patreon and YouTube, which already offer comparable tools. This may prompt social media companies to increase their research and development efforts for monetization tools.
Crypto Twitter members, who have built a substantial following and reputation through their tweets over the years, are enthusiastically embracing the concept of content creator subscriptions.
Artificial intelligence (AI) will be used to detect and deter misinformation on Twitter as part of Musk’s ongoing efforts to overhaul the social media network.
– Featured image from Merca20