The social media platform has seen numerous changes in the last few months. After the billionaire CEO of Tesla, Elon Musk took over as the CEO of the blue bird company, he has made several attempts to change the platform into a revenue generating business which provides good quality content to its users. The company had previously announced an $8 subscription fee for Twitter Blue. The company had also removed the verification check marks from the accounts of people who did not subscribe to Twitter Blue. However, the blue bird company returned the verification marks just a day after removing them from accounts after they were faced with backlash from all legacy account holders who were against their new move.
Earlier this month, Twitter had announced that users would now be able to offer subscriptions to their followers to access their content. Now, the Elon led company has made another announcement stating their intentions of taking a 10% cut from the subscription fee that a user charges his followers for his content.
Twitter’s attempts to monetize their platform:
After Elon Musk acquired the social media platform and took over as the Chief Executive Officer of the platform, he has been making attempts to generate extra revenue from the platform to make up on the losses it incurred as a result of the hostile acquisition. The platform has recently decided that it will allow creators and users of the platform to monetize their content. There are several platforms like YouTube, Twitch and Patreon which allow users to monetize their content. Twitter has now added their platform to this list. There are several benefits associated for both the users and the social media platform which come alongside monetization.
Why is it good for both?
The monetization permissions allow users to charge their followers a subscription fee without paying which they would not be able to access particular content on their page. This would allow content creators on the platform to earn money from their posts on the platform. Twitter has also long encouraged meaningful posts which would make it a reliable and efficient online community. The ability to earn money from their content is expected to encourage users to post more quality content on the platform.
Secondly, the move is also expected to bring more traffic to the social media app. Users would be attracted to the opportunity to earn money by posting content online. Similar monetization strategies have worked magic for numerous platforms including YouTube which saw a heightened participation from its users after the feature was introduced.
Although Twitter had announced its plans for content monetization a few weeks back, they have recently announced a 10% cut from the subscription fee that a user charges his audience. They have further added that this 10% cut would only be placed after 12 months of the introduction of this policy. This would mean that a year into making profits from the monetization policy, users of the platform would be receiving 10% less of what their followers pay them. This amount will then go to Twitter which will use it to make the platform a better suited environment for everyone.
Elon Musk took to the blue bird platform informing users about the new feature. Earlier, Elon had assured that the platform is only introducing the monetization feature for the benefit of the users of the platform. The CEO had said that creators could leave the platform as freely as they joined. This is expected to attract influencers and creators from other platforms to start focusing more on Twitter.
The billionaire CEO has also been giving frequent updates on the status of this newly added benefit.
Note, it takes a few days longer for subscriptions to go active on iPhone vs web, as all subscriptions currently have to be approved by Apple