Elon Musk-owned Social media platform Twitter has announced a new feature that will allow its users to monetise their accounts by earning money from their posts. In a tweet on Friday, Twitter said that creators across the world can now earn a living on the platform. Users can sign up for the monetisation option by tapping on the “monetisation” feature in their account settings. The company owner, Elon Musk, also confirmed the new feature and said that content creators can enable subscriptions to their text, photos, and videos worldwide. This new feature will enable Twitter users to earn money from their content through subscriptions from followers.
Previously, Twitter enabled owners of Twitter Blue, a subscription service that costs $8 a month, to create enhanced tweets with up to 10,000 characters and monetise them. Elon Musk had also suggested monetising Twitter accounts by posting paid content for subscribers. With the new monetisation feature, all Twitter users will now be able to earn money from their posts, marking a significant shift in the way social media platforms operate. The move is expected to attract more content creators to the platform, potentially boosting Twitter’s user base and revenue streams.
What was wrong with Twitter’s old business model?
Twitter’s existing business model relied heavily on advertising revenue. This means that the company generated its income by selling ads to businesses that appeared on users’ timelines. However, this business model was not sustainable in the long run, especially as Twitter faced intense competition from other social media platforms such as Facebook and Instagram. Furthermore, Twitter’s user growth had stagnated, and the company struggled to attract new users. As a result, Twitter’s revenue growth was slowing down, and the company needed to find new ways to monetise its platform. The new option to monetise accounts is an attempt to diversify Twitter’s revenue streams and provide users with more incentives to stay on the platform.