Elon Musk, the CEO of Twitter Inc., said on Friday that the social media site would take a 10% cut of content subscription fees after the first year as it seeks to monetize material on the website in an effort to diversify its income streams.
Earlier this month, social networking platform users will be able to sell their followers subscriptions to material, including long-form text and hours-long video, according to billionaire owner Musk.
Additionally, he had stated that the business would not deduct any money from the first year of content subscriptions.
In an effort to increase revenue, Musk has made adjustments at Twitter after the social media site’s ad revenue fell last year as his $44 billion purchase, which finalized in October, approached.
He also said that the company’s cut from subscriptions on the iOS and Android platforms will decrease from 30% to 15% in the second year.