Twitter is considering adding a subscription service option as a new way of generating revenue for the social media platform.
The company released its second-quarter earnings with shareholders on Thursday, July 23, and Twitter said it is exploring other forms of revenue besides advertising, which include subscriptions. Twitter noted that while something like a subscription service wouldn’t happen this year, users might see tests on the platform.
Twitter’s second-quarter earnings reported a 23% drop in advertising revenue due to the coronavirus and civil unrest related to anti-racism protests, including a 25% drop in the U.S., so it makes sense that the company is looking into other revenue options like subscriptions.
The first hint that Twitter might be looking into a subscription-based service came earlier this month when it posted a job opening for web engineers to help build out the platform.
Twitter also ran a survey a few years back asking its users what sort of services they would be willing to fork over cash for, whether it be breaking news alerts or analytics, according to The Verge.
Digital Trends reached out to Twitter to comment on what a Twitter subscription would look like. We will update this story when we hear back.
Even if we don’t see a subscription-based Twitter in 2020, the company has been proactive in releasing new features so far this year. Last month, Twitter introduced a feature where it suggested a user read an article before sharing, gave people the option to choose who replies to their threads, and fiercely added fact-check labels to tweets containing misinformation regarding the coronavirus pandemic.
The social network also released a massive update to its API this month, meaning developers will have broader access to improve the platform even further.
