FILE PHOTO: The Twitter App loads on an iPhone in this illustration photograph taken in Los Angeles, California, U.S., July 22, 2019. REUTERS/Mike Blake/File Photo
NEW YORK: Twitter Inc chief executive officer Elon Musk has said that the social media platform will take a 10% cut on content subscriptions after the first year.
The move comes on the company’s aim to look to monetising 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.
This will include long-form text and hours-long video.
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.
This was after the platform saw advertising income drop last year in the run up to his US$44bil (RM196bil) acquisition that closed in October.
He added that the company’s cut from subscriptions on iOS and Android platforms will drop to 15% in the second year from 30% in the first. — Reuters
