Twitter is finally going to start allowing creators on its platform to get paid. Better late, than never, right?
The new feature will allow users to offer subscriptions for their 'tweets', including long-form text and video-based content, says CEO Elon Musk.
With the new subscriptions feature, users can earn money from followers by offering access to bonus content and badges that make it easier to chat and connect, according to the Subscriptions page found under the "Monetization" tab on the platform.
Users will receive all the revenue from their subscribers, except for the fees charged by platforms like Android and iOS.
Musk stated in the tweet that the commission charged by Android and iOS would be 30%, leaving 70% of the subscription revenue for creators to drop to 15% after the first year. However, on the web, creators can potentially earn up to 92% of their subscription revenue, depending on the payment processor.
For the first year, Twitter will not take any commission from the subscription revenue. Additionally, Twitter will assist in promoting creators' content to maximize their earnings.
The current eligibility requirements for the monetization feature include being at least 18 years old, having 25 tweets in the past 30 days and having 500 followers.
This new development underscores Musk's efforts to increase overall revenue at Twitter after the social media giant experienced a decrease in advertising revenue following his acquisition.