Twitter users can now apply to monetize their content on the platform. According to a new tweet by Elon Musk on Thursday, users will now be able to charge others for access to their content. This content includes video and long-form text alike.
Apply to offer your followers subscriptions of any material, from longform text to hours long video!
Just tap on “Monetization” in settings.
— Elon Musk (@elonmusk) April 13, 2023
“Apply to offer your followers subscriptions of any material, from longform text to hours long video!” Musk wrote in the tweet, adding that users can now to on the “Monetization” tab in the Settings on the platform. Once that is done, users can offer their followers subscriptions of their content on the platform. For now, this feature is available solely to users in the US. When an user complained about it on Twitter, Musk replied that he was “working on it.” Additionally, for now, there is no minimum frequency of production of content required to offer subscriptions to other users.
Musk added that Twitter will not be keeping any of the money on subscriptions for the next 12 months, and that users will receive 70% of the subscriptions on iOS and Android like (a fee of 30% is charged on both for the moment). For the web, users (and Twitter) will be able to keep 92% of the subscription fee on the web. After the first year, the fees charged on iOS and Android drop to 15%, and Twitter will add a “small amount” on top of that – the amount will depend on the volume, Musk said.
The social media platform will promote the content of users as well – in order to “maximize creator prosperity” and their earnings – and users will have the opportunity to leave the platform at any point of time. This feature is expected to be particularly beneficial for creators who have built a loyal following on Twitter and want to monetize their content. By offering exclusive content to subscribers, they can deepen their relationship with their audience and increase the engagement of their content.
It also provides an opportunity for new creator to start building a following of their own and generating income from their content. And for Twitter, the feature has the potential to increase user engagement and retention. By offering creators the ability to monetize their content, Twitter is also incentivizing them to create high-quality, exclusive content for their followers.
Not only will this attract new creators to come to the platform, but it will also help Twitter diversify its own revenue streams and reduce its own reliance on advertising. If the move is successful, then it will solve much of Twitter’s woes regarding revenue. It also comes at a time when most of the advertisers have jumped ship, even though Musk recently claimed that most of the advertisers have returned to the platform.