Twitter Inc CEO Elon Musk said on Friday that the social media platform will take a 10 percent cut on content subscriptions after the first year, as the company looks to monetize content on the website to diversify its revenue sources.
Earlier this month, billionaire owner Musk said users of the social media platform would be able to offer their followers subscriptions to content including longer texts and hours-long videos.
He also said that the company will not cut content subscriptions for the first 12 months.
Musk is bringing changes to Twitter to boost revenue after advertising revenue declined last year during the $44 billion acquisition that closed in October last year.
We’ll keep the 10% after 12 months, but the iOS/Android subscription fee will drop from 30% to 15% in the second year, so there’s still a net profit for creators
— Elon Musk (@elonmusk) April 28, 2023
He said the company’s subscription cut across iOS and Android platforms will come down to 15 per cent in the second year from 30 per cent in the first year.
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