Elon Musk proposes new ways to monetize Twitter accounts.
The current user-centric redesign aims to increase follower engagement and generate new revenue streams on the social media network.
Tesla CEO Elon Musk revealed that producers on the social media network can now monetise their material, adding to the expanding list of radical implementations to boost Twitter’s bottom line and foster citizen journalism.
Since Musk’s takeover of Twitter, the company has taken several drastic steps to become a profitable business, including mass layoffs and the launch of Twitter Blue subscriptions. While many previously verified users objected to the request for a monthly fee to obtain a blue checkmark on Twitter, Musk saw it as a much-needed revenue stream for the company.
The current user-centric redesign, which allows users to monetize all types of postings on Twitter globally, aims to increase follower engagement and provide new revenue streams on the social media site.
The “Subscriptions” function allows Twitter users to charge followers a monthly fee based on one of Twitter’s price points. Once paid, subscribers gain access to the creator’s exclusive content, which is not available to the general public.
Twitter will allow creators to keep 97% of revenue up to $50,000 in lifetime earnings before reducing the revenue split to 80% for artists. To compensate artists on Twitter, the social media behemoth has joined with payments processor Stripe.
However, the revenue share will not begin until the users reach the $50 minimum. Even if a creator’s Twitter account is suspended for whatever reason, the subscription services are non-refundable. In such cases, users must unsubscribe manually to avoid auto-monthly payments to inactive Twitter accounts.
Members of Crypto Twitter, who have built credibility and a big following on Twitter via years of blogging, are ecstatic about the introduction of content creator subscriptions.
In Musk’s ongoing efforts to redesign Twitter, artificial intelligence (AI) will be used to detect and deter misinformation on the social media platform.
Despite warning the world against AI development due to societal concerns, Musk reportedly purchased nearly 10,000 graphics processing units to build the upcoming AI tools.