
Musk said that for the first 12 months, Twitter won’t keep any of the money users make from subscriptions. That means users will keep at least 70% of their subscription revenue on mobile, after accounting for app store fees, he added. Musk didn’t elaborate on the technical aspects of the plan.
Musk, in a bid to make it possible for people to make money off their Twitter accounts, is going head-to-head with Substack, the newsletter company, with similar money-making options. Meanwhile, Substack is becoming more like Twitter. The site recently launched a Notes feature, which allows users to post on a public feed. Earlier this week Twitter temporarily disabled likes replies and retweets if a tweet had a Substack link.
The changes may help woo more content creators onto the platform or keep them from leaving. Although Twitter will not take a cut of users’ subscription revenue for the first 12 months, it could be a move to generate more cash in the future.
Google said that for a subscription it would only take 15%, whereas Apple would drop to 15% from 30% after the first year.
Twitter, a subsidiary of X Corp, has struggled recently with efforts to monetise its platform. Advertising, which accounted for more than 80% of Twitter’s revenue, has declined by 50% since Musk took over.
The company is hoping to drive revenue through a premium version called Twitter Blue, but only 1% of monthly users have signed up.