Twitter Enables Monetization for Creators
Tesla CEO Elon Musk has made significant changes to Twitter since taking it over, including mass layoffs and the introduction of Twitter Blue subscriptions. Now, Twitter has enabled monetization for creators through a new subscription service, allowing them to charge followers a monthly fee for access to exclusive content.
The feature is targeted at improving follower engagement and creating new revenue streams on the social media platform. Known as “Subscriptions”, Twitter users can charge followers a monthly price from one of the price points made available by Twitter. Once paid, subscribers can access the creator’s exclusive content, which is not viewable to the public.
To incentivize creators, Twitter will allow them to keep 97% of the revenue up to $50,000 in lifetime earnings, after which the revenue split drops to 80%. Twitter has partnered with payments processor Stripe to payout creators on the platform.
However, the revenue share will only begin once creators earn the minimum threshold of $50. Additionally, subscription services are non-refundable, even if a creator’s Twitter account gets suspended for any reason. In such scenarios, users are required to manually unsubscribe to avoid auto-monthly payments to inactive Twitter accounts.
The introduction of content creator subscriptions has been welcomed by members of Crypto Twitter, who have built credibility and a massive following on Twitter over the years.
Musk's ongoing initiatives to redesign Twitter include using artificial intelligence (AI) to detect and deter misinformation on the platform. Despite previously warning the world against AI development due to societal concerns, Musk has reportedly purchased nearly 10,000 graphics processing units to build the upcoming AI tools.
The move towards monetization for creators is part of Musk’s efforts to turn Twitter into a profitable business. The company has taken several drastic measures since Musk's takeover, including mass layoffs and the introduction of Twitter Blue subscriptions. Musk saw the introduction of subscriptions as a much-needed revenue stream for the company, despite resistance from previously-verified individuals who did not want to pay a monthly fee for a blue checkmark on their account.
Overall, the new monetization feature is a step towards greater user-centricity on Twitter, allowing creators to earn revenue from their content and potentially make a career out of it. With the increasing popularity of social media platforms as a source of news and information, Twitter's move to enable monetization for creators could help to promote citizen journalism and provide more diverse perspectives on global events.