TWITTER CONSIDERS SUBSCRIPTION OPTION FOR USERS
Twitter, a US-based social media platform, on Thursday, July 23rd, 2020, said it is considering a subscription option for users as the company's revenue is on a decline.
According to CNN, Jack Dorsey, Twitter co-founder and CEO, broke the news during a conference call with Investors on Thursday.
Dorsey, while speaking on the company's second quarter earnings, said the social media platform would test some of the proposed strategies during the course of the year.
Dorsey said the measure is imperative as the company weighs how to diversify its revenue sources.
Twitter's operational model has been based on offering users free service while it's revenue comes from advertisers.
However, the COVID-19 pandemic, and social media ad boycott by investors has caused a massive decadence to the company's revenue.
According to CNN, the company's revenue, as of Thursday, July 23rd, was $562million, a 23% decrease compared to the same quarter a year ago.
This development comes after the accounts owned by prominent Americans; Bill Gates, Elon Musk, Barack Obama, etc were hacked.
The Twitter CEO has apologised over the incident, stating that the company will strengthen its security by partnering with relevant agencies.