Twitter is actively examining the possibilities of exploring additional ways after suffering a hard dip in revenue from ads in the earning of the second quarter. It happens to be the biggest micro-blogging platform and one of the most popular social media platforms with advertising as its major source of revenue.
It is reported that Twitter’s revenue from ads dropped down. The ad revenue of $562 million in the second quarter is 23% less than the same quarter a year ago. The company attributed this drop to the outbreak of the COVID-19 pandemic. Moreover, the recent civil unrest that launched a nationwide protest for racial justice and the call for a boycott of social media made the matter worse.
Rumors flared like anything as Twitter posted a job opening for web engineers for working on the subscription-based platform. It further stated that the engineers will be a part of a team that was code-named “Gryphon.” These engineers will have to work closely with Twitter.com and Twitter payment to build a platform that can also be used by others in the future. Twitter’s stock also experienced a surge indicating the interest of investors as the company is trying to explore new revenue streams. The share of Twitter has scaled by 12% in a day.
However, this is not the first time that people are hearing about their subscription model. Twitter has also discussed the inclusion of a subscription model to TweetDeck, and also surveyed amongst the users in 2017. The verge has also confirmed the possibility of having new analytics being included in TweetDeck. Although Twitter had not started building the platform at that time, the survey was done for prioritizing the road map.
The recent hacking of high-profile Twitter accounts has raised many eyebrows. It created a negative image of the company while considering the privacy perspectives. Although Jack Dorsey, the CEO of Twitter has reportedly apologized to the investors. The company also wanted to make it certain that the new way of sourcing revenue is complementary to their advertisements. He has also revealed that the company is likely to run subscription tests this year and expected that the charges would be high.
Because of the recent Bitcoin scam using twitter, the twitter addicts have been eager about the paid version. If that could truly be free from trackers, it would be a holy grail for them. And, plenty of users are watching keenly what Twitter eventually cooks up for them.
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