Tesla CEO Elon Musk has been making waves in the tech world with his numerous innovations and initiatives aimed at revolutionizing various industries. His latest move involves Twitter, where he has introduced a monetization feature for creators on the social media platform.
Content creators can now enable subscriptions to their text, pics & video worldwide on this platform! https://t.co/XzrFMLPytB
— Elon Musk (@elonmusk) April 28, 2023
Twitter has been struggling to turn a profit for years, with the company experiencing significant financial losses despite having a large user base. Several drastic measures, including mass layoffs and the introduction of Twitter Blue subscriptions, have been taken to address this issue as a result of Musk taking over the platform.
Monetization Feature: Improving Engagement and Creating Revenue Streams
The latest feature introduced by Musk is targeted at improving follower engagement and creating new revenue streams on the platform. The ‘Subscriptions’ feature allows Twitter users to charge followers a monthly fee for exclusive content that is not viewable in public. Creators can set their own prices, with Twitter providing a range of price points to choose from.
Twitter has partnered with payments processor Stripe to payout the creators on the platform. Creators can keep up to 97% of the revenue until they earn $50,000 in lifetime earnings, following which the revenue split drops to 80%. However, the revenue share will only begin after the users earn the minimum threshold of $50.
Note that the subscription services are non-refundable, even if Twitter suspends a creator’s account for any reason. In such scenarios, users must manually unsubscribe to avoid auto-monthly payments to inactive Twitter accounts.
In addition to the monetization feature, Musk is also reportedly working on using artificial intelligence (AI) to detect and deter misinformation on the platform. He has purchased nearly 10,000 graphics processing units (GPUs) to build the upcoming AI tools, despite warning the world against AI development due to societal concerns.
Members of Crypto Twitter, who have garnered credibility and a massive following on Twitter due to years of posting, have welcomed the introduction of content creator subscriptions with open arms. Experts expect this move to encourage more people to create and share valuable content on the platform, thus increasing engagement and revenue streams for Twitter.