Elon Musk, the CEO of Twitter Inc., announced on Saturday that media publishers will be able to charge readers per item for those who do not have monthly subscriptions. This would take place with just one click on the social media platform. Musk calls it a victory for both the general public and media organizations.
According to billionaire owner Musk, the option, which will launch in May, will allow users who do not “sign up for a monthly subscription” to pay a higher per-article price when they want to read an occasional article,” to do so. In a statement on Friday, Musk noted that Twitter would not take a cut during the first year and that the firm will take a 10% cut on content subscriptions thereafter. These subscriptions include hour-long videos and long-form writing.
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After assuming control of the social media company in October, Musk has quickly implemented a number of organizational and product changes. The company reduced its workforce by around 80% and mandated Twitter-verified blue tick as a premium service. Musk has been implementing adjustments at Twitter to increase revenue after the social media site’s advertising income dipped last year as it prepared for his ‘on-again, off-again acquisition that was ultimately completed.
Recently, co-founder of Twitter, Jack Dorsey, who once backed the Twitter acquisition, was publicly critical of Elon Musk and how he handled the situation. When asked if Musk had demonstrated that he was the platform’s ideal custodian, Dorsey responded, “No.” He said that Musk “realized his timing was off,” but Dorsey did not think Musk responded adequately. He also said that he did not think the board should have compelled the sale.
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Musk tried to back out of the purchase of Twitter a year ago allegedly after the stock market crashed shortly after his offer. It resulted in a legal dispute between the platform and the billionaire, which needed to be resolved so that the acquisition to go through at the initial offer price. Previously, Dorsey, who has been friends with Musk for years and encouraged him to join Twitter, was in favor of the deal. He described Musk as the one “solution I trust” last year.
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Google will start paying U.K. publishers for news on its platform
