Popular social media platform, Twitter, on Thursday announced plans to boost revenue for its platform by introducing a subscription service for special contents from notable accounts in a bid to boost its revenue.
This is the company’s first step away from a free-of-charge format.
The tech firm made this known at its annual investor meeting, uncovering the potential new Super Follows service that will open new doors of income for the company.
“Exploring audience funding opportunities like Super Follows will allow creators and publishers to be directly supported by their audience and will incentivise them to continue creating content that their audience loves,” a Twitter spokesperson said.
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 behaviours 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.
The exclusive content could reportedly consist of “bonus tweets, access to a community group, subscription to a newsletter, or a badge indicating your support.”
Twitter said it also plans to explore a tipping option and would provide additional details “in the coming months.”
At the moment, Twitter only makes .oney from ads and promoted posts but this new development will open new streams of revenue.
Creative Strategies analyst Carolina Milanesi was not convinced people will be inclined to pay for special content on Twitter.
“Such a model makes sense for content on platforms like YouTube, where hours of craftsmanship might be devoted to producing entertaining videos, but it is debatable whether the same could be said for tweets on Twitter,” she said.
The tech giant didn’t give a timeline for when to kickstart the Super Follows, but it is expected that the company will make further announcements in the coming months.
Twitter is also contemplating 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