Wednesday, 19 May 2021: A paid Twitter subscription service is fast approaching. Jane Manchun Won, an app researcher, shared via her Twitter handle that the social media platform is closing in on a plan to introduce a $3 monthly subscription, which will be known as Twitter Blue.
According to the researcher, the new Twitter plan will offer exclusive services such as undoing tweets, and also saving and organizing favourite tweets.
CEO of Twitter, Jack Dorsey revealed last year that the social media was exploring the idea of a subscription model. And following its acquisition of Scroll earlier this month, product vice president, Mike Park, wrote on the company's blog that Scroll, an ad-clearing publishing outlet, "will become a meaningful addition to our subscriptions work as we build and shape a future subscription service on Twitter."
The need to come up with other avenues for monetizing the service is crucial considering Twitter user growth has stagnated.
The revenue Twitter generated in the first quarter of the year was better than expected. Advertising soared from about 32% year over year to almost $900 million. Lower user growth was however lower than expected with only a 7 million rise sequentially.
As Apple now requires apps to seek user permission first before tracking their online browsing habits, Twitter estimates its ad sales will suffer a "modest impact."