Last Updated: April 29, 2023, 05:03 IST
The billionaire Tesla CEO has been compelled to make big price cuts and scramble to discover extra sources of income to justify his $44 billion buy of Twitter. (Image: Reuters)
Musk has been bringing in adjustments at Twitter to increase income after the platform noticed promoting revenue drop final yr
Twitter Inc CEO Elon Musk stated on Friday that the social media platform will take a 10% minimize on content material subscriptions after the primary yr, as the corporate seems to be to monetize content material on the web site in a bid to diversify its income sources.
Earlier this month, billionaire proprietor Musk stated customers of the social media platform shall be in a position to supply their followers subscriptions to content material, together with long-form textual content and hours-long video.
He had additionally stated that the corporate is not going to take a minimize for the primary 12 months on content material subscriptions.
Musk has been bringing in adjustments at Twitter to increase income after the platform noticed promoting revenue drop final yr within the run up to his $44 billion acquisition that closed in October.
He added that the corporate’s minimize from subscriptions on iOS and Android platforms will drop to 15% within the second yr from 30% within the first.
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