Elon Musk, announced today that X, which used to be called Twitter, will soon introduce two new subscription options. This matches earlier reports and findings in the code.
One of these options will be cheaper than the existing $8 per month plan but won’t get rid of the ads. The other will cost more but will eliminate all ads. The current premium plan already promises to show fewer ads to subscribers. Musk didn’t mention how much these new options will cost.
Separately, Bloomberg also reported that the company is testing multiple paid plans to bring in more revenue.
X is Testing of $1 Yearly Charge
This week, X made an announcement that they will start testing a yearly charge of $1 for users in New Zealand and the Philippines. This fee is for the purpose of allowing users to “post and interact with other posts.” X mentioned that this test is part of their efforts to combat spam and bot activity. Users who choose not to pay the fee will only be able to read posts.
It’s not clear if this $1 yearly subscription is one of the two new subscription options mentioned by Musk.
The social media company already has a subscription service called X Premium, which costs $8 per month. Users who subscribe to this service can get a blue checkmark on their account and access other features, like the ability to edit their posts.
Changes Under Elon Musk’s Leadership at X
After Elon Musk took control over Twitter in October 2022 and renamed it X, he has implemented significant alterations. These changes include reducing the trust and safety teams and taking away the blue checkmarks from accounts that don’t pay.
The blue checkmark was a way for users to recognize genuine accounts of public figures. Musk has also allowed previously banned accounts to return to the platform.
However, these changes have made advertisers uneasy. In July, Musk stated that X is still experiencing financial difficulties due to a nearly 50% decline in advertising revenue and the burden of substantial debt.
Introducing new subscription options may be an attempt to enhance the company’s financial situation and explore fresh sources of income.
X is having a hard time because there are newer platforms, like Meta’s Threads and Bluesky, that are giving them a run for their money.
Elon Musk is introducing two new subscription options for X, formerly Twitter. One option is cheaper but keeps ads, while the other, more expensive, removes all ads. Unclear pricing details. Additionally, X is testing a $1 yearly charge for enhanced features. Musk’s leadership changes have raised concerns among advertisers due to financial difficulties. Competition from platforms like Meta’s Threads and Bluesky adds to the challenge.