Last Update: April 29, 2023, 05:03 AM IST
Billionaire Tesla CEO has been forced to undertake drastic cost cuts and scramble to find more sources of revenue to justify his $44 billion purchase of Twitter. (Image: Reuters)
Musk is making changes to Twitter to increase revenue after seeing advertising revenue decline last year
Twitter Inc CEO Elon Musk on Friday said the social media platform will take a 10% cut on content subscriptions after the first year, as the company looks to monetize content on the website to diversify its revenue sources.
Earlier this month, billionaire owner Musk said users of the social media platform would be able to offer their followers subscriptions to content including longer texts and hours-long videos.
He also said that the company will not cut content subscriptions for the first 12 months.
Musk is bringing changes to Twitter to boost revenue after advertising revenue declined last year during the $44 billion acquisition that closed in October last year.
He added that the company’s subscription cut across iOS and Android platforms will come down to 15% in the second year from 30% in the first year.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
