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| Pic Source: The Economic Times |
Elon Musk, the CEO of Tesla, has announced that Twitter users can now monetize their content on the social media platform. This latest move is part of Musk’s ongoing efforts to redesign Twitter and make it a profitable business. Musk has already introduced a number of radical changes, including mass layoffs and the introduction of Twitter Blue subscriptions.
The latest user-centric redesign is aimed at increasing follower engagement and creating new revenue streams on the platform. Twitter’s “Subscriptions” feature will allow users to charge followers a monthly fee for access to exclusive content that 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 excited about the introduction of content creator subscriptions. This latest move is seen as a way for Twitter to promote citizen journalism and allow more people to monetize their content.
In addition to the new subscription feature, Musk is also using artificial intelligence (AI) 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.
Overall, Musk’s efforts to redesign Twitter and make it a profitable business are seen as a positive move for the social media platform. By allowing users to monetize their content, Twitter is creating new revenue streams and promoting citizen journalism. With the introduction of AI tools to detect and deter misinformation, Twitter is also taking steps to become a more trustworthy platform.
