X, the social media platform previously known as Twitter, on October 28 introduced two premium tiers in a bid to boost the company's subscription revenues.
The microblogging site has introduced the Premium+ tier at Rs 1,300 a month, which is nearly double the cost of its current Premium tier (previously known as Twitter Blue). This will provide users with an ad-free experience across the algorithmic 'For You' or the chronological 'Following' feeds on the platform.
X said that the Premium+ subscribers will also get the "largest boost" for their replies, compared to other premium tiers or unverified users. In addition, subscribers will get access to the company's entire suite of creator tools, including revenue sharing, creator subscriptions, X Pro (formerly known as Tweetdeck), media studio, and analytics.
They will also get access to all the existing features of the current premium subscription which includes a blue checkmark, the ability to edit tweets, longer posts and video uploads, encrypted direct messages, ID verification, SMS two-factor authentication, and other app customisation options.
X is also launching a more affordable subscription tier called 'Basic' at Rs 243.75 a month and will give users access to a limited number of premium features, including the ability to edit posts, longer posts and video uploads, encrypted direct messages and other app customisation options. It will also provide subscribers a "small reply boost", the company said.
What's not included in the tier is access to creator tools, including X Pro and media studio, blue checkmark and ID verification, and analytics. Both Premium+ and Basic tiers will be available only on X's website, possibly to avoid paying 15-30 percent in-app commission to Apple and Google.
X also offers a discounted annual plan of Rs 13,600 per year for the Premium+ tier and Rs 2590.5 per year for the Basic tier. The company continues to offer its premium tier for a monthly fee of Rs 650 on the web and Rs 900 on iOS and Android devices.
Read: How Elon Musk is reshaping Twitter
Diversifying revenue streams
In recent months, X chief Elon Musk has sought to grow the company's subscription revenue to diversify its income streams beyond advertising that currently makes up for most of its revenue.
He has increasingly placed several key features on the social media platform behind a paywall that were previously available for free. This includes access to Tweetdeck (now X Pro), analytics, and being eligible for recommendation in the company's algorithmic 'For You' timeline among others.
The company is experimenting with charging new users a fee for basic functions such as the ability to post content, reply, like, repost, bookmark, and quote other accounts' posts, among other features. This pilot programme is currently active for new accounts on the web in New Zealand and the Philippines.
Read: Elon Musk’s X looks little like the Twitter he bought a year ago
This comes in the backdrop of X's advertising business taking a major hit in the past year amid continued slowdown in the digital advertising market and several major advertisers leaving the platform after Musk's takeover. Many of X's policy changes, including a looser content moderation, has irked several top global advertisers who have pulled their ads from the social media platform.
X's monthly ad revenue in the US has declined at least 55 percent year-over-year each month after Musk's takeover, according to a Reuters report. In a blogpost on October 26, X chief executive Linda Yaccarino however claimed that over 1,700 advertisers have returned to the platform, including 90 of the top 100 ad spenders from a year ago.
Read: Twitter becomes X: Can Elon Musk stake 'everything' on it?
These developments come as the social media platform completes a year under the ownership of the tech billionaire. Over the past year, he has completely reshaped the platform with various policy and product changes, including rebranding it from Twitter to X, in a pursuit to build an "everything app".
Among the changes include introducing paid verification, prohibiting third-party apps, introducing new API tiers for developers and overhauling its account suspension policy among others.
X has also added a series of new features such as livestreaming, job listings, audio and video calls and even plans to add banking-related features to become a broader communications and financial services platform. In the blogpost, Yaccarino said they have shipped over 200 products and features post-acquisition.
"We want money on X to flow as freely as information and conversation. We have already secured first money transmitter licenses in several states, and we are moving toward launching a global payment system" she said.
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