Original Article By Arijit Sarkar At CoinTelegraph.com:
Adding to a growing list of radical changes to improve Twitter’s bottom line and promote citizen journalism, Tesla CEO Elon Musk has announced that creators on the social media platform can now monetize their content.
Ever since Musk’s takeover of Twitter, the company has taken several drastic measures to turn itself into a profitable business, including mass layoffs and the introduction of Twitter Blue subscriptions. While many previously verified individuals resisted the ask for a monthly fee to get a blue checkmark on Twitter, Musk saw it as a much-needed revenue stream for the company.
The latest user-centric revamp — which allows users to monetize all forms of posts on Twitter globally — is targeted at improving follower engagement and creating new revenue streams on the social media platform.
The “Subscriptions” feature allows Twitter users to charge followers a monthly price “from one of the price points made available by Twitter.” Once paid, the subscribers access exclusive content from the creator that is unviewable to the general public.
Twitter will allow creators to keep 97% of the revenue up to $50,000 in lifetime earnings, after which the revenue split will be dropped to 80% for creators. The social media giant has partnered with payments processor Stripe to pay out creators on Twitter.
However, the revenue share will begin only after users earn the minimum threshold of $50. The subscription services are non-refundable, even if a creator’s Twitter account gets suspended for any reason. In such scenarios, users are required to manually unsubscribe to avoid auto-monthly payments to inactive Twitter accounts.
Many members of Crypto Twitter who have garnered credibility and a massive following after years of posting welcomed the introduction of content creator subscriptions with arms wide open.
Musk’s ongoing initiatives to redesign Twitter will also allegedly see artificial intelligence (AI) used to detect and deter misinformation on the social media platform.
Musk reportedly purchased nearly 10,000 graphics processing units to build the upcoming AI tools despite warning the world against AI development due to societal concerns.
