Elon Musk, the entrepreneur behind X (formerly Twitter), has recently announced a significant development that's set to reshape the platform's subscription model.
X's "X Premium" subscription program, formerly known as "Twitter Blue," hasn't quite lived up to Elon Musk's initial expectations.
When he first pitched this initiative as a means to combat bots while providing an additional revenue stream, he envisioned a different outcome.
As it stands, X Premium has seen low adoption rates, with only about 0.3% of X users subscribing to this service, which offers a blue checkmark for profiles and various add-on features.
Is Elon Musk charging for Twitter now?
Now, Musk and his team are considering a bold move – charging all users to access X. The burning question is, would more people be willing to pay for this social platform? Or would X risk losing users who opt for free alternatives?
Musk brought up the proposal during a conversation with Israeli Prime Minister Benjamin Netanyahu, citing it as an example of the progress being made on X, which he envisions as part of his broader "everything app" plan which all led to Elon Musk charging for Twitter rumors to be spoken on social media.
Musk states:
“The single most important reason that we’re moving to having a small monthly payment for use of the X system is that it’s the only way I can think of to combat vast armies of bots. Because a bot costs a fraction of a penny, or a tenth of a penny, but if somebody even has to pay a few dollars or something, some minor amount, the effective cost of bots is very high, and then you also have to get a new payment method every time you have a new bot”.
See the full conversation below.
LIVE: Speaking with @elonmusk about how we can harness the opportunities and mitigate the risks of AI for the good of civilization. https://t.co/XiAQwOXzcP
— Benjamin Netanyahu - ?????? ?????? (@netanyahu) September 18, 2023
Lower-priced tiers on the horizon
Apart from Elon Musk charging for Twitter speculations, Musk also hinted at the possibility of lower-tier pricing, making it more accessible to a broader audience. This approach aligns with Musk's vision of not only deterring bots but also adding an extra layer of identity verification by connecting bank accounts to profiles.
While details are scarce, it's conceivable that X might introduce a cheaper verification offering, perhaps around $3 or $4 per month, providing basic X Premium features or just a verification tick to confirm identity.
X could also integrate this with its recently launched ID verification process, potentially charging a small fee for confirmation through a third-party partner like au10tix.
The duality
This dual approach could serve two vital purposes. Firstly, it could discourage bot activity by raising the costs, and secondly, it could pave the way for in-app payments and banking, aligning with Musk's grand vision.
However, there's a significant risk involved. By implementing a paywall, X might witness reduced user engagement, especially in developing markets where access cost is a significant factor. Additionally, the majority of X users are passive, merely consuming content from a select few active users.
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