SAN FRANCISCO: Twitter said it plans to offer a subscription service in which users would pay for special content from high-profile accounts, part of an economic model to diversify its revenue.
The globally popular social media platform announced the potential new Super Follows service at its annual investor meeting, as it searches for new revenue streams beyond targeted advertising. “Exploring audience funding opportunities like Super Follows will allow creators and publishers to be directly supported by their audience and will incentivize them to continue creating content that their audience loves,” a Twitter spokesperson told AFP on Thursday.
Top Twitter executives discussed Super Follows while outlining goals and plans for the near future during the streamed presentation. “We are examining and rethinking the incentives of our service — the behaviors that our product features encourage and discourage as people participate in conversation on Twitter,” the spokesperson said.
Super Follows was described during the presentation as a way for Twitter audiences to financially support creators and receive newsletters, exclusive content and even virtual badges in exchange. Twitter is also considering allowing users to join communities devoted to topics via a feature seemingly similar to Facebook’s “groups.”
Twitter aims to reach a milestone of 315 million “monetizable” users in 2023, a steep increase from the 192 million it had at the end of last year, according to a filing with US financial markets regulators at the Securities and Exchange Commission. The San Francisco-based firm defined monetizable users as people who log in daily and can be shown ads.
Twitter, like Google and Facebook, makes most of its money from digital advertising.
The company said it is aiming for $7.5 billion in revenue in 2023, more than double the $3.7 billion it took in last year.
Twitter also plans to double “development velocity,” meaning the number of new features it releases per employee to get people to engage more with the service.
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