Twitter introduces content creator subscriptions
Terrill Dicki May 01, 2023 07:55
Twitter now allows content creators to monetize their posts through subscriptions, offering exclusive content to paying followers. Creators can keep 97% of revenue up to $50,000, with a revenue split of 80% after. Twitter has partnered with Stripe to process payments and will use AI to combat misinformation.
Twitter has announced a major overhaul to its platform, allowing content creators to monetize their posts through a new subscriptions feature. In the wake of mass layoffs and the introduction of Twitter Blue subscriptions, CEO Elon Musk has been spearheading radical changes to turn Twitter into a profitable business. Now, creators on the social media platform can offer exclusive content to paying followers, earning revenue from subscriptions.
The new "Subscriptions" feature allows Twitter users to charge followers a monthly fee "from one of the price points made available by Twitter." Paid subscribers can then access the creator's exclusive content, which is not viewable to the public. Twitter has partnered with payments processor Stripe to payout creators on the platform.
Under this new feature, creators will be allowed to keep 97% of the revenue up to $50,000 in lifetime earnings, after which the revenue split will be dropped to 80%. However, the revenue share will begin only after the users earn the minimum threshold of $50. The subscription services are non-refundable even if a creator's Twitter account gets suspended for any reason. In such scenarios, users are required to manually unsubscribe to avoid auto-monthly payments to inactive Twitter accounts.
This latest user-centric update from Twitter is targeted at improving follower engagement and creating new revenue streams on the social media platform. It is expected to be welcomed by members of Crypto Twitter who have gained credibility and a significant following on the platform through years of posting.
Elon Musk's ongoing initiatives to redesign Twitter will also include artificial intelligence (AI) to combat misinformation on the social media platform. Despite warning against the development of AI due to societal concerns, Musk reportedly purchased nearly 10,000 graphics processing units to build the upcoming AI tools.
With this new feature, Twitter is following in the footsteps of other social media platforms such as Patreon and OnlyFans, which allow content creators to monetize their content through subscriptions. The move comes as part of Twitter's strategy to turn the platform into a profitable business, following years of losses.
However, the introduction of subscriptions has been met with some criticism from users, who argue that it is yet another way for Twitter to extract money from its user base. Critics also worry that this move will further divide Twitter users between those who can afford to subscribe to creators and those who cannot.
Despite the concerns, Twitter's move towards monetizing content creators could prove to be a significant step towards profitability for the social media giant. Only time will tell if this new feature will be successful in achieving its goal of improving follower engagement and creating new revenue streams on the platform.
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