Twitter is currently considering adding a subscription component, which may include having users pay for access to exclusive content, personalization features and use of the TweetDeck application.
While all aspects of Twitter are currently free, Bloomberg reported that Twitter is in the process of workshopping a variety of new features that would be offered exclusively with a paid subscription. According to an internal member of the Twitter team who asked to remain anonymous, one idea under consideration is to institute "tipping," which refers to users paying a favorite celebrity or verified account for access to exclusive content. Other ideas on the table include adding advanced features such as an "undo send" button, higher levels of profile-customization and an ad-free feed. High-profile users reportedly may also enjoy higher levels of analytics that can help determine follower demographics and optimal times to post.
The San Francisco-based company is also reportedly considering having users pay for access to TweetDeck, the platform's customizable, ad-free dashboard. Many larger accounts such as corporations enjoy using Tweetdeck because it allows the user to monitor multiple feeds and accounts simultaneously. TweetDeck was originally a separate app but was bought and merged with Twitter in 2011.
By adding subscription fees, Twitter intends to decrease how heavily the site depends on advertising. Currently, the greatest portion of the site's revenue comes from targeted ads. Subscriptions would offer a more reliable stream of revenue than ads. "Increasing revenue durability is our top company objective," said Bruce Falck, Twitter's head of revenue products. Falck addressed the subscription approach specifically, saying, "While we're excited about this potential, it's important to note we are still in very early exploration and we do not expect any meaningful revenue attributable to these opportunities in 2021."
Former Twitter employees have said that the idea of adding a subscription service has been in the works for years. In 2017 several surveys were conducted looking into what the site's current users might be willing to pay for, but the project was abandoned before it came to testing. According to Ned Segal, Twitter's Chief Financial Officer, the company plans to be highly selective when it comes to designing a subscription option. "We have a really high bar for when we would ask consumers to pay for aspects of Twitter," Segal said.
Source: Bloomberg