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Twitter Inc CEO Elon Musk said on Friday that the social media platform will take a 10% cut on content subscriptions after the first year, as the company looks to monetize content on the website in a bid to diversify its revenue sources.
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Earlier this month, billionaire owner Musk said users of the social media platform will be able to offer their followers subscriptions to content, including long-form text and hours-long video.
Twitter logo and a photo of Elon Musk are displayed through magnifier in this illustration taken October 27, 2022. (Reuters/Dado Ruvic/Illustration / Fox News)
He had also said that the company will not take a cut for the first 12 months on content subscriptions.
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Musk has been bringing in changes at Twitter to boost revenue after the platform saw advertising income drop last year in the run-up to his $44 billion acquisition that closed in October.
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He added that the company's cut from subscriptions on iOS and Android platforms will drop to 15% in the second year from 30% in the first.