Musk unveils plan for creators to make money on Twitter, says platform will not keep any of it

Elon Musk-owned Twitter is seeking new avenues to raise money as well as bring more creators to the platform. The billionaire on Thursday informed that creators will be able to charge certain money from users to access their content, ranging from 'longform text to hours-long video'.

Musk said subscriptions were now enabled on the platform but added the caveat that only Twitter Blue users could receive the benefits. However, to be eligible for the 'monestisation' feature, a person needs to have at least 500 followers, should have posted 25 tweets in the last month and should be at least 18 years old.

The feature allows creators to charge a certain fee which followers will have to pay to gain access to exclusive tweets, subscribers-only Spaces and special subscriber badges. In order to compete with Substack, Musk has plans to introduce newsletters and other Twitter features in the future.

Creators have been given the freedom to offer monthly subscriptions in the $2.99, $4.99, or $9.99 bracket. Musk, in a tweet thread, informed that for the next 12 months, the creators will be making most of the money as Twitter will not charge anything.

"For the next 12 months, Twitter will keep none of the money. You will receive whatever money we receive, so that’s 70% for subscriptions on iOS & Android (they charge 30%) and ~92% on web (could be better, depending on payment processor)," tweeted Musk.

Musk added that after the first year, as the iOS and Android fees drop, Twitter will add a small amount on top of that, dependent on the volume.

"We will also help promote your work. Our goal is to maximize creator prosperity. At any point, you can leave our platform and take your work with you. Easy in, easy out," said Musk.

Musk wants to incentivise creators

Currently, Twitter offers next-to-nothing incentives to creators to come on the platform and engage with the audience. Musk has sought to correct the anomaly.

According to a report by The Wall Street Journal released last month, Twitter reported a drop of 40 per cent in revenue and adjusted earnings in the month of December, year-on-year.

Advertising is the main source of income for the microblogging platform. However, Twitter has seen advertisers flee amid worries about Musk's approach to content moderation rules.

Hence, Musk has been attempting to attract creators and has started charging monthly fees for the 'blue tick' that was earlier distributed for free to reputed individuals.

(With inputs from agencies)

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