Twitter CEO Jack Dorsey has verified that Twitter is considering exploring a subscription model for the stage, although it’s in the early stages of exploration. Also, he stated that Twitter is considering other alternatives to create revenue.
“You will likely see some evaluations this past year” of different strategies, Dorsey told analysts, CNN reported. Dorsey said he’s”a huge bar for when we would ask consumers to cover facets of Twitter.” He affirmed that Twitter is trying to increase its sources of earnings in what exactly are”very, very early phases of investigating.”
Twitter, in its Q2 letter to shareholders noted by Business Insider, wrote: “We’re also in the first stages of researching additional potential revenue product opportunities to complement our advertising enterprise. These could include other strategies. Even though our exploration is quite early, and we don’t expect any earnings attributable to those chances in 2020, you will see evaluations or hear us speak more about them as our work progresses.”
As per the organization’s Q2 earnings report, Twitter’s advertising revenue has fallen by 23 percent.
Earlier this month, rumors flared about Twitter having a subscription platform through job listings posted by the platform that were afterward tweaked.
Twitter’s job record had initially said that it could be functioning on a subscription platform codenamed Gryphon. The work record stated that Gryphon was a team of internet engineers collaborating with the Payments team and Twitter team. The company said that it had been looking for a full-stack engineer to lead the payment and subscription staff.
The work listing stated that Twitter was working on the potential subscription platform for the first time but didn’t explain how the social networking platform goes about doing it.
A paid subscription revenue could help Twitter locate a source of income beyond marketing and information licensing. Following the project listing, Twitter’s shares closed up more than 7 percent.
“We want to make sure any extra line of earnings is complementary to our advertising business,” Dorsey told CNN. “We do think there’s a world where enrollment is complementary, where commerce is complementary, helping people manage paywalls… we think is complementary,” Dorsey added.
Twitter may also face scrutiny at the upcoming antitrust hearing after last week’s major hack that put the platform’s security in a vulnerable place.