Elon Musk, CEO of Twitter Inc, announced on Friday that the social media platform will take a 10% cut on content subscriptions after the first year, as the firm seeks to monetize material on the website in order to diversify its revenue sources.
Earlier this month, billionaire owner Musk announced that users of the social media network will be able to provide subscriptions to material, including long-form text and hours-long video, to their followers.
He also stated that the company will not take a cut on content subscriptions for the first 12 months.
Musk has been making adjustments at Twitter to increase revenue after the platform’s advertising revenue fell last year in the run-up to Musk’s $44 billion acquisition, which concluded in October.
He also stated that the company’s portion from iOS and Android subscriptions will be reduced to 15% in the second year from 30% in the first.