Elon Musk, Twitter’s new owner and chief executive, announced on Friday that Twitter will begin sharing revenue from advertisements.
Effective Friday, revenue from ads that appear on a creator’s reply threads, will be shared. The user must be a subscriber of Blue Verified to qualify for the ads revenue share, Musk said.
Musk, however, did not give details about the portion of revenue that would be shared with users.
Advertisers have fled Twitter amid concerns about Musk’s approach to content moderation, impacting the company’s revenue.
Days after taking charge of the company, Musk said Twitter had seen a “massive” drop in revenue and blamed activist groups for pressuring advertisers.
A major focus of Musk’s as Twitter CEO has been on reducing costs and introducing new plans for Twitter Blue, whose “verified” badge is highly sought after.
Additionally, Musk said on Friday that legacy Blue Verified would be scrapped in a few months due to being “deeply corrupted”.
The microblogging site was reported to be working on ways to implement payment options on the social media platform a few days back. A news report was stated saying that Twitter has begun applying for regulatory licenses for the process.
Ever since his takeover, Musk has been pushing Twitter to create new streams of revenue. The company has faced quite a drop in advertising income, following his $44 billion takeover of the company in October.
In addition to acquiring Twitter, Musk previously said the acquisition would be part of a master plan to create “the everything app”. This app, according to the billionaire, would offer social networking, peer-to-peer payments, and e-commerce shopping.