Twitter CEO, Elon Musk, on Friday, April 28, said the social media platform will take a 10 per cent cut on content subscriptions after the first year.
This comes as Twitter looks to monetize content on the website in a bid to diversify its revenue sources.
Earlier this month, billionaire owner Musk said users of the social media platform will be able to offer their followers subscriptions to content, including long-form text and hours-long video.
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He had also said that the company will not take a cut for the first 12 months on content subscriptions.
Musk has been bringing in changes at Twitter to boost revenue after the platform saw advertising income drop last year in the run-up to his $44 billion acquisition that closed in October.
We will keep 10% after 12 months, but iOS/Android subscription fees drop from 30% to 15% in year 2, so still a net gain to creators
— Elon Musk (@elonmusk) April 28, 2023
He added that the company’s cut from subscriptions on iOS and Android platforms will drop to 15 per cent in the second year from 30 per cent in the first.
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