May 8, 2021

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Twitter touts ‘Super Follows’ as it aims to double revenue by 2023

2 min read


Twitter on Thursday unveiled a range of potential new features, including tools that will allow users to charge subscribers for exclusive content, as it seeks to expand its revenue streams beyond advertising and boost revenue. commitment.

On Thursday, the social media platform said it was exploring a “Super Follows” feature, in which users could choose to pay certain accounts subscription fees for exclusive content, as well as tools to donate. tips to users.

“We… Believe that a publicly funded model, where subscribers can directly find the content they care about most, is a sustainable incentive model that aligns the interests of creators and consumers,” Twitter’s chief design officer Dantley Davis said in a virtual presentation on his investor day.

This move would allow journalists, influencers and content creators to independently generate income, with Twitter potentially take a break. Rival social media platforms such as Facebook and YouTube have rolled out direct payment features in recent years, which have become increasingly popular during the pandemic among creatives who have not been able to charge for live performance. .

Twitter also said it plans to allow users to create and join groups called “Communities,” where they can customize their feed to see more content focused on their interests or post only to those who share those interests, for example.

The new feature announcements came after Twitter laid out its very first long-term revenue and user goals in a regulatory filing. It said it aims to increase the number of monetizable daily active users – a local metric that counts the number of logged-in users the platform advertises to – to 315 million by the end of 2023, against the 192 million he reported in his last earnings report. .

It also plans to “at least double” its annual revenue from $ 3.7 billion in 2020 to at least $ 7.5 billion in 2023, he said.

The news pushed the company’s stock price up 7% to record highs of around $ 76, offsetting a wider sell-off in tech stocks.

Last year, activist hedge fund Elliott Management took a 4% – or $ 1 billion – stake in the company and tried to oust CEO Jack Dorsey. in the midst of worries compared to its leadership and the slowness of product innovation.

Dorsey said the company also plans to build new products and features faster to meet its demands. user growth and income targets.

Twitter is introducing other new formats that allow users to communicate on the platform beyond short character messages, including a Clubhouse-style audio room feature called Spaces.

It also recently acquired the Revue newsletter platform, allowing it to host longer-form written content on Twitter, which users could optionally subscribe to through the Super Follow feature.

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