Twitter to Impose 10% Fee on Subscription-Based Content
Twitter CEO Elon Musk has announced that Twitter users will soon be able to make money through subscriptions, with users able to send tweets, images, and videos exclusively to their paying subscribers. In an effort to diversify revenue streams, Twitter will take a 10% cut on content subscriptions after the first year. Following news that Musk earns nearly $100,000 monthly from his 24,700 subscribers, he has decided to give other users the opportunity to monetize their material directly from their fans, in the same way as YouTube and Patreon artists. To remain profitable, Musk has made significant changes since his acquisition of Twitter, including laying off a large portion of its workforce and launching a paid premium service called Twitter Blue. Stripe, Twitter’s payment processing partner, will subsidize accounts with profits beginning at just $50, earning rewards of up to 97% on all income up to $50,000, with monthly subscriptions automatically renewed. Twitter’s new function will compete directly with various platforms, including Patreon and YouTube, which already provide similar tools, possibly increasing competition among social media companies to release their own monetization tools. With the introduction of a monetization tool, Twitter aims to increase interaction among followers and generate additional revenue for the social media site.
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