If Elon Musk wants Twitter Blue to be a significant source of money, he may need to come up with a lot more ideas about how to attract new customers to the service. By mid-January, only 180,000 US citizens had subscribed to Twitter, which amounts to around 0.2% of the site’s monthly active users, according to The Information.
According to a document that the tabloid claims to have seen, 62% of the company’s paying customers are US citizens. That indicates that there are roughly 290,000 subscribers to Twitter worldwide.
Twitter Blue costs $8 per month for customers who pay online, $7 per month if they pay annually, and $11 per month for users who pay through the Apple or Google app stores. Twitter still only receives $8 a month on average from users if they choose the latter option, which offers the internet giants a share of subscribers’ payments.
The website is only expected to make $27.8 million a year from its subscription services with the amount of paying subscribers it currently has. However, following a rocky initial debut a month earlier, Twitter had just relaunched Blue in mid-December of the previous year. More customers will undoubtedly sign up for it, but it’s unclear if Musk’s desired rate of expansion will be possible.
According to The Information, Elon Musk told Twitter staff last year that he wanted subscriptions to make up 50% of the website’s revenue. Musk is seeking to bring in $3 billion in revenue for 2023 because the business must pay over $1 billion a year in interest from the debts he took out when he bought the website.
To receive half of that from Blue, Twitter has to have a sizable number of subscribers. Offering a more expensive membership tier that entitles consumers to ad-free online browsing is one strategy the company is taking into consideration to boost revenue from its subscription services.
Additionally, according to reports, Twitter will charge companies $1,000 per month for their gold verification badges and an additional $50 per month for each account linked to them.
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