As the company looks to monetize content on the website in an effort to diversify its revenue sources, Twitter CEO Elon Musk said on Friday that the social media platform will take a 10 percent cut on content subscriptions after the first year.
Earlier this month, social media platform users will be able to sell their followers subscriptions to material, including long-form text and hours-long video, according to billionaire owner Musk.
Additionally, he stated that the business would not deduct any money from the first year of content subscriptions.
In an effort to increase revenue, Musk has made changes at Twitter after the social media site’s ad revenue fell last year as his $44 billion acquisition, which was finalized in October, approached.
He also said that the company’s share of subscription fees on the iOS and Android platforms would decrease from 30% to 15% in the second year.
Musk also made a significant remark a few days ago regarding Twitter’s blue tick verified accounts. Musk provided a pointer to his changes about prioritizing verified accounts as part of a series of updates he made to Twitter following his takeover.
Only accounts that paid for the blue tick could be seen as verified after Twitter started removing them from the accounts of many notable people and celebrities. However, given that a number of accounts have already begun to pay, Musk’s announcement will undoubtedly encourage others to jump on board.
The blue tick served as a way of protecting well-known individuals from impersonation and tackling false information.