X, formerly Twitter, will launch two new subscription tiers, Elon Musk says
Publishing timestamp: 2023-10-20 07:32:16
Summary
Elon Musk, the owner of X, announced that the social media service will launch two new tiers of subscriptions for users. One tier will be lower cost with all features but no reduction in ads, while the other will be more expensive but without ads. X already has an $8 per month subscription service called X Premium. Additionally, X recently announced a test in New Zealand and the Philippines where users are charged $1 per year to "post & interact with other posts" as part of a program to fight spam and bot activity. It is unclear if this $1 annual subscription is one of the new tiers mentioned by Musk. The changes made by Musk since taking over Twitter, including cuts to trust and safety teams and removing the blue checkmark from nonpaying accounts, have scared off advertisers. The introduction of new subscriptions could be an attempt to improve the company's finances and create new revenue streams. X is also facing competition from other players such as Meta's Threads and Bluesky.
Sentiment: NEUTRAL
Tickers: META,
Keywords: social issues, social media, elon musk, technology, business news, meta platforms inc,