Tesla CEO Elon Musk announced that creators on the social media platform can now monetize their content, adding to the growing list of radical implementations to improve Twitter’s bottom line and promote 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 introduction of Twitter Blue subscriptions. While many previously verified users reacted negatively to Musk’s 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 latest user-centric redesign, which allows users to monetize all types of posts on Twitter globally, aims to increase follower engagement and create new revenue streams on the social media platform.
Twitter’s ‘Subscriptions’ feature allows users to charge followers a monthly fee “from one of the price points made available by Twitter.” 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 up to 97% of revenue up to $50,000 in lifetime earnings, after which the revenue split will be reduced to 80%. Twitter has partnered with payment processor Stripe to pay out creators on the platform.
However, the revenue share will not begin until the users reach the $50 minimum. Even if a creator’s Twitter account is suspended for any 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 gained credibility and a massive following on Twitter through years of posting, 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 (GPUs) to build the upcoming AI tools.