Twitter CEO Elon Musk has announced on Saturday, April 30, 2023 that the social media platform will allow media publishers to charge users on a per-article basis with just one click, beginning in May. Musk called it a win for both the public and media organizations.
The feature will allow users who do not wish to “sign up for a monthly subscription to pay a higher per-article price for when they want to read an occasional article,” Musk tweeted. This move is seen as Twitter’s attempt to find a sustainable business model as advertising revenue continues to fluctuate.
Musk also revealed that Twitter will take a 10 per cent cut on content subscriptions after the first year, noting that the company will not take a cut for the first 12 months. These subscriptions include long-form text and hours-long videos.
Since taking over the social media firm in October 2022, Musk has swiftly moved through a number of product and organisational changes. The company rolled out Twitter-verified blue ticks as a paid service and reduced the employee base by about 80 per cent. These changes were aimed at boosting revenue at Twitter after the social media platform saw advertising income drop last year in the run-up to Musk’s on-again-off-again acquisition that closed.
The per-article payment feature could benefit media organizations struggling to make ends meet, especially as advertising revenue continues to be unpredictable. Musk’s announcement has sparked mixed reactions, with some lauding the move as a positive step for publishers, while others have criticized it as a way for Twitter to profit from users’ reading habits.
Musk has not been shy about shaking things up at Twitter since taking over as CEO and claims that he is determined to transform the platform into a more profitable enterprise.
Business Today Desk