Twitter CEO Elon Musk has announced that the social media platform will take a 10 per cent cut on content subscriptions after the first year, as the company looks to diversify its revenue sources.
This comes after Musk recently introduced the ability for users to offer their followers subscriptions to content, including long-form text and hours-long video.
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However, the company will not take a cut for the first 12 months on content subscriptions. Musk has been making changes at Twitter to boost revenue after the platform saw a drop in advertising income last year.
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In addition, Musk has also announced changes to Twitter’s blue tick verified accounts.
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After several celebrities and famous personalities had their blue ticks removed, only those who paid for the verification were able to retain their blue tick.
Musk has added a pointer to his updates about getting verified accounts prioritized, encouraging more accounts to join the bandwagon.
The blue tick has been a way of protecting well-known individuals from impersonation and tackling false information.
Musk has also revealed that the company’s cut from subscriptions on iOS and Android platforms will drop to 15% in the second year from 30% in the first.