Tesla CEO Elon Musk announced that creators on the social media platform can now monetize their content, adding to a growing list of radical applications to increase Twitter’s profits and promote citizen journalism.
Since Musk’s takeover of Twitter, the company has taken some drastic steps to become a profitable business, including mass layoffs and the introduction of Twitter Blue subscriptions. While many verified users previously reacted negatively to Musk’s request for a monthly fee to earn a ‘Blue tick’ on Twitter, Musk sees it as a much-needed revenue stream for the company.
The latest user-centric redesign, which enables 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 provided by Twitter.” Once paid, subscribers get access to the creator’s exclusive content, which is not available to the general public.
Twitter will allow creators to retain up to 97% of revenue up to $50,000 in lifetime earnings, after which revenue share will be reduced to 80%. Twitter has partnered with payment processor Stripe to pay content creators on the platform.
However, revenue sharing will not start until the user reaches the $50 minimum. Even if a creator’s Twitter account is suspended for any reason, subscriptions are non-refundable. In such cases, users must manually unsubscribe to avoid automatic monthly payments to inactive Twitter accounts.
Crypto Twitter members, who have gained credibility and a large following on Twitter through years of posting, are excited about the introduction of creator subscriptions.
In Musk’s ongoing efforts to redesign Twitter, artificial intelligence (AI) will be used to detect and prevent misinformation on the social media platform.
Despite warning the world against AI development due to social concerns, Musk reportedly purchased nearly 10,000 graphics processing units (GPUs) to create upcoming AI tools.