Twitter to take 10 percent cut on content subscriptions, says Elon Musk

Twitter Inc CEO Elon Musk said on Friday that the social media platform will take a 10 percent cut on content subscriptions after the first year, as the company looks to monetize content on the website in a bid to diversify its revenue sources. Also Read: Elon Musk announces Terafab project: A massive chip factory for Tesla and SpaceX

Earlier this month, billionaire owner Musk said users of the social media platform will be able to offer their followers subscriptions to content, including long-form text and hours-long video. Also Read: Elon Musk’s X could change blue check rules in Europe after massive Rs 1,267 crore penalty

He had also said that the company will not take a cut for the first 12 months on content subscriptions. Also Read: Elon Musk’s X Money payments feature to begin early access in April

Musk has been bringing in changes at Twitter to boost revenue after the platform saw advertising income drop last year in the run up to his $44 billion acquisition that closed in October.

We will keep 10% after 12 months, but iOS/Android subscription fees drop from 30% to 15% in year 2, so still a net gain to creators

— Elon Musk (@elonmusk) April 28, 2023

He added that the company’s cut from subscriptions on iOS and Android platforms will drop to 15 percent in the second year from 30 percent in the first.

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— Reuters