As part of Twitter’s second-quarter revenue report, Twitter Chief Executive Jack Dorsey told analysts today that the social media company is exploring other earnings models, including some subscription services, as advertising revenue declines. Cnn reported that Twitter may try a number of different ways during the year, such as allowing users to pay for certain unique or high-standard content.
Clearly, Twitter is still in the early stages of exploring different options. Earlier this month, however, the company revealed a so-called “Gryphon” subscription platform in a recruitment statement.
Like most of its competitors, Twitter is a free social networking service that is now largely based on advertising to make money.
But Jack Dorsey is also looking ahead to ‘another world’, such as opening up new revenue models through special subscription services.
It hopes the new product line will complement the short board of advertising revenue, and the commercial subscription model may be a good complementary option.
The decline in advertisers’ spending has had a direct impact on the revenue of social networks and other websites and services as a result of the continuing public health crisis caused by the new virus. Twitter, for example, reported $562 million in second-quarter advertising revenue, down 23% from the same period in 2019.
The company’s revenue report follows last week’s “Bitcoin scam” hacking that also attracted attention. The investigation said the attackers managed to gain access to the company’s internal systems, leading to the posting of fraudulent information on the accounts of a number of celebrities and businesses.