SAN FRANCISCO (CBS / AP) — Twitter is branching out from advertising to find more ways to make money — both for itself and for its most prolific users, whether those are businesses, celebrities or regular people.
In an investor presentation Thursday, the social media company announced a new feature called “Super Follows,” which will let users charge for extra, exclusive material not shown to their regular followers. This can include subscriber-only newsletters, videos, deals and discounts. Users would pay a monthly subscription fee to access the extra content.READ MORE: Bay Area Sees Population Explosion Of Feral Cats; Pandemic Hinders Spay/Neuter Efforts
Twitter users — and the company’s investors — have long been asking it to launch a subscription-based model. This as a growing number of internet creators and influencers use tools like Patreon, Substack and OnlyFans to make money from their online popularity.
The subscriptions will also allow Twitter to tap into a broader range of revenue sources in a world where online advertising is dominated by a Facebook-Google duopoly. Twitter did not detail what percentage of the revenue it would share with celebrities and others who sign up paying subscribers.READ MORE: COVID, Homeless Encampments Are Final Straws For School In San Jose's Little Italy Neighborhood
“Exploring audience funding opportunities like Super Follows will allow creators and publishers to be directly supported by their audience and will incentivize them to continue creating content that their audience loves,” the company said in a statement.
Super Follows is not available yet but Twitter says it will have “more to share” in the coming months. Another coming product, “Revue,” will let people publish paid or free newsletters to their audience. There’s also “Twitter Spaces,” a Clubhouse competitor that lets users participate in audio chats. It is currently in private beta testing, which means it’s not yet available to the general Twitter audience.
The San Francisco-based company also said its revenue goal for 2023 is more than $7.5 billion, more than double its 2020 revenue of $3.7 billion.MORE NEWS: COVID: Health Officials Find More CoCo County Restaurants Not Checking Vaccine Cards
© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.