Today 24th July 2020, reports have been going around that Twitter is considering a subscription model for users as it is losing revenue on the ads front. Here is what we know so far.
In a CNN news release on 23rd July 2020, the Business department of the news media confirmed that Twitter’s CEO, Jack Dorsey is looking at a subscription model. However, Dorsey adds that the Twitter subscription model is still in its ‘early phases of exploring’.
Since Twitter usually rolls out tests for a few users before applying new features globally; it means that we may not be seeing the subscription any time soon.
There have been rumours going around about the subscription model and a Twitter programme called ‘Gryphon’. This Gryphon project is said to be a subscription platform for Twitter but the company was still building a team to run it.
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The reason behind this subscription model is that Twitter investors have been pressuring the company to look for other ways to increase revenue. Likely, this move will satisfy them.
Dorsey had said during earnings call that Twitter will ensure that any new line of revenue is complimentary to its advertising business. However, it is likely that Twitter the subscriptions may only affect some aspects of the platform’s use.
Otherwise, if it requires payment to use the platform in totality; then, Twitter may be losing the majority of its users.
It is quite understandable that Twitter is seeking a subscription platform as a solution to more revenue. The social media platform had been affected by the recent advertisers’ boycotts that has been going on.
In addition to this, many companies that are facing hardship due to the pandemic are cutting down on their marketing spend as well.
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