Adding to the growing list of radical implementations to improve Twitter's bottom line and promote citizen journalism, Tesla CEO Elon Musk announced that creators on the social media platform can now monetize their content.
Ever since Musk's takeover of Twitter, the company has taken several drastic measures to turn itself into a profitable business, which included mass layoffs and the introduction of Twitter Blue subscriptions. While many previously-verified individuals resisted the ask for a monthly fee to get a blue checkmark on Twitter, Musk saw it as a much-needed revenue stream for the company.
The latest user-centric revamp — which allows users to monetize all forms of posts on Twitter globally — is targeted at improving follower engagement and creating new revenue streams on the social media platform.
The "Subscriptions" feature allows Twitter users to charge followers a monthly price "from one of the price points made available by Twitter." Once paid, the subscribers access the creator's exclusive content, which is unviewable to the public.
Twitter will allow creators to keep 97% of the revenue up to $50,000 in lifetime earnings, after which the revenue split will be dropped to 80% for creators. The social media giant has partnered with payments processor Stripe to payout creators on Twitter.
However, the revenue share will begin only after the users earn the minimum threshold of $50. The 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.
Members of Crypto Twitter, who have garnered credibility and a massive following on Twitter after years of posting, welcome the introduction of content creator subscriptions with arms wide open.
Related: Elon Musk to launch truth-seeking artificial intelligence platform TruthGPT
Musk's ongoing initiatives to redesign Twitter will also see artificial intelligence (AI) used to detect and deter misinformation on the social media platform.
Musk reportedly purchased nearly 10,000 graphics processing units to build the upcoming AI tools despite warning the world against AI development due to societal concerns.
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Source: Cointelegraph.com
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