Photo by Steve Jurvetson on Flickr.com
After months of legal fighting, Elon Musk completed the $44 billion purchase of Twitter last week. The world’s richest man made some effort to make the social media giant a successful enterprise. Musk reportedly wants to raise the monthly charge for his Twitter Blue account from $5 to $20. A Twitter Blue membership was also mentioned as required for blue checkmark owners. As a result, an annual fee of about $240 will be required for everybody who has a verified account on the network.
However, Musk has consistently maintained that he views subscriptions as a significant opportunity for the service, and in a meeting with Twitter employees last week, he reiterated his expectation that subscriptions will eventually account for 50% of the platform’s revenue.
However, according to Twitter’s Q2 financial report, its monthly revenue is about $1.2 billion, so Musk and his team aim to make about $600 million in monthly subscriptions. It is difficult but not impossible for him.