SAN FRANCISCO: Twitter Inc. CEO Elon Musk has said that the social media platform will take a 10% cut on content subscriptions after the first 12 months, as the company looks to monetize content on the website in a bid to diversify its revenue sources.
Earlier in April, the billionaire owner had said users of the social media platform will be able to offer their followers subscriptions to content, including hours-long video and long-form text. Musk had also made it clear that the company will not take a cut for the first one year on the content subscriptions.
Musk has been bringing in changes at Twitter to enhance its revenue after the platform saw advertising income drop in 2022 in the run up to his $44bn acquisition that completed in October. He had further said 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.
