Ever since Musk took over Twitter, he has been coming up with newer ways to bring in revenue. He lost several advertisers after announcing his ideas for moderating the platform. Here’s all you need to know about the Twitter paywall and new changes.
Musk’s new plan for Twitter paywall and beyond
Elon Musk has been losing money since taking over the social media platform. As per a regulatory filing, he sold shares worth $3.95 billion from Tesla after closing the deal. The $8 verification tick is one of the biggest plans for the near future of Twitter. However, Musk may also be considering putting Twitter behind a paywall. The pay-for-verification system charges users $7.99 every month. Earlier, it cost $4.99 every month. However, Musk introduced a $3 hike instead of charging $20 every month for the service.
Until now, the blue tick next to a user’s name was limited to political figures, celebrities, and public figures. However, Musk is planning for it to be a “great leveler” and accessible to everyone. After all, the true purpose of the tick is to avoid people from impersonating famous people. Now with everyone having access to it, people view it as a way to boost their content with no vetting of accounts involved. LeBron James, American pro Basketball fell victim to a fake account demanding a trade from the Lakers.
More changes to the platform
Other new changes in Twitter include an “official grey label” for media and government organizations and big companies. However, it was removed in a few hours, stating the company will do several “dumb things in coming months”. Moreover, several companies have paused their paid advertisement since Musk took over. General Motors Co, Volkswagen AG, Allianz SE, and Stellantis NV are among the ones to pause the ads.
“What we’ve seen recently since the change on Twitter has been announced, is the amount of hate speech increased significantly. We felt there is a risk our advertising would appear next to the wrong messages,” stated Dirk Van de Put. de Put is the CEO of Mondelez International Inc., the maker of Oreo cookies. Following the mass stoppage, Musk addressed Twitter advertisers assuring them he is aiming to turn around social media and stop fake accounts. Additionally, he blamed the “massive drop in revenue” on a civil rights group for suspending ads globally by adding pressure on advertisers.
Musk’s ultimate goal is to put Twitter behind a paywall and boost revenues. However, the design and implementation are currently unclear. Some reports suggest he will allow users to scroll for a limited time and then require them to pay to keep going on.