Twitter is allowing users to charge for access to their content, from longform text to hours-long video, owner Elon Musk said in a post on the site Thursday.
Musk said that for the first 12 months, Twitter wont keep any of the money users make from subscriptions. That means users will keep about 70% of their subscription revenue on mobile, after accounting for the fees Apple and Google take on their app stores, he added. Musk didnt elaborate on the technical aspects of the plan.
Musk, in a bid to make it possible for people to make money off their Twitter accounts, is going head-to-head with Substack, the newsletter company, with similar money-making options. Meanwhile, Substack is becoming more like Twitter. The site recently launched a Notes feature, which allows users to post on a public feed. Earlier this week Twitter temporarily disabled likes, replies and retweets if a tweet had a Substack link.
Apply to offer your followers subscriptions of any material, from longform text to hours long video!
Just tap on Monetization in settings.
Elon Musk (@elonmusk) April 13, 2023
The changes may help woo more content creators onto the platform, or keep them from leaving. Although Twitter will not take a cut of users subscription revenue for the first 12 months, it could be a move to generate more cash in the future.
Twitter, a subsidiary of X Corp, has struggled recently with efforts to monetize its platform. Advertising, which accounted for more than 80% of Twitters revenue, has declined by 50% since Musk took over. The company is hoping to drive revenue through a premium version of Twitter called Twitter Blue, but only 1% of Twitters monthly users have signed up.
