On Thursday, Twitter owner Elon Musk announced that users of the social media platform will soon be able to offer their followers content subscriptions, including long-form text and extended video content. Users can access the feature through the "Monetization" tab in their settings.
For the first 12 months, Twitter will not take a cut of the revenue generated from these subscriptions. Instead, users offering subscriptions will receive all income paid by subscribers, except for fees imposed by platforms such as Android and iOS.
"That's 70% for subscriptions on iOS & Android (they charge 30%) and ~92% on web (could be better, depending on payment processor)," Musk explained in a tweet. He added that Twitter will actively promote creators' work to help maximize their earnings.
Musk has implemented changes to increase Twitter's revenue after the platform experienced a decline in advertising income last year, leading up to his on-and-off acquisition that finalized in October. Since taking over, Musk has quickly executed various product and organizational modifications. Among these changes, Twitter introduced the verified blue tick as a paid service and reduced its workforce by approximately 80%.
During a Twitter Spaces interview on Wednesday, Musk revealed that the social media company is now "roughly breaking even." The introduction of content subscriptions marks another step in Musk's ongoing efforts to boost Twitter's revenue and improve the platform's overall financial performance.
