Elon Musk Suggests Possible Subscription Fees For X, Formerly Known As Twitter
In a recent conversation with Israeli Prime Minister Benjamin Netanyahu, Elon Musk, the billionaire owner of X (formerly known as Twitter), hinted at the possibility of charging subscription fees for all users of the platform.
Musk believes that such a move could help deter the proliferation of bots, or automated accounts, which have been a growing concern for X.
Stay up-to-date on the latest news with The National Briefing – keeping you in the loop with news as it hits:
Currently, X offers a subscription service called X Premium, priced at $11 per month in the US and £11 in the UK. It offers perks such as checkmarks for verified accounts.
“We’re moving to having a small monthly payment for use of the system,” Musk said.
He argued that bots are relatively inexpensive to set up and maintain, costing only “a fraction of a penny.”
By increasing the cost of account ownership to “a few dollars or something,” Musk believes that it could discourage bot operators.
“Plus, every time a bot creator wanted to make another bot, they would need another new payment method.”
While Musk’s statement suggests a potential shift in X’s business model, he did not provide a definitive confirmation of such a policy change.
During the conversation, Musk also revealed that X currently boasts 550 million monthly users, generating up to 200 million posts daily.
Musk’s contemplation of a subscription-based model comes amid a decline in advertising revenue, which has traditionally been X’s primary income source.
He said an advertiser boycott, driven by concerns over Musk’s leadership and the platform’s handling of inappropriate content, has resulted in a 60 per cent drop in ad revenue.
Subscribe to The Briefing, Australia’s fastest-growing news podcast on Listnr today. The Briefing serves up the latest news headlines and a deep dive into a topic affecting you. All in under 20 minutes.