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Twitter is Whisking Efforts with New Tipping Features

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Twitter sure has been busy from the time it decided to double its revenue by 2030 and increase its user base of up to 315 million. It appears that the microblogging site prefers to make those ambitions into a reality through social media influencers and their subscribers, and the most tweeted about topic, cryptocurrencies. Influencers are already known for having a huge following and certain influencers who are deemed to have nearly million subscribers sure seem to prove helpful to Twitter’s ambitions. On the other hand, cryptocurrencies which do not necessarily require an introduction certainly imply a big deal when the payment is done using them.

Since the world is still under the clutches of the infamous coronavirus, it’s not the technology that has evolved alone, rather people across the globe are also getting used to using it in most parts of their lives. Twitter on that account is taking that to another level, where it’s not only helping internet figures and followers but is scaling its platform to become the most ‘go-to’ social media among its users. This also leads to the microblogging site to bag more revenue as the years arrive. Therefore, it has first begun by setting out its first subscription service called Twitter Blue.

Things to Know About Twitter Blue
The microblogging site’s first subscription service, Twitter Blue, was launched to enable users to tip specific followers and it has also acquired Revue, a newsletter platform that allows authors to create and sell newsletters. The subscription also allows for users access to premium features including bookmark organization, thread reading in a clutter-free manner, and a ‘Undo Tweet’ option, which is the closest thing Twitter will have to the long-requested ‘Edit’ button.

Jane Manchun Wong, an app researcher, had previously revealed the company's plans for the subscription service by delving around inside the mobile app's code and discovering the service's name, pricing, and feature set. Wong's findings were backed up by the fact that Twitter Blue is now available as an in-app purchase.

But the feature is believed to set foot in certain markets like those of Canada's and Australia's to first know whether its feature will meet the requirements of those seeking for more customization over their Twitter experience.

Although the subscription business model is one way for Twitter to diversify its revenue streams, advertisements still account for the majority of the company's earnings. According to Twitter's first-quarter financial report, advertising accounts for more than 86 percent of its revenue.

Beyond the basics, there are a few things to know about Twitter Blue's present feature set.

The new Bookmark Folders feature is intended to assist Twitter users organize their saved content, which they have acquired via Twitter's Bookmarks tool. Bookmarks, which debuted in early 2018, provide users a private option to save tweets for later reference. This is beneficial for those who wish to preserve tweets without notifying others, or for those who want to read long-form articles at a later time. However, the new Reader Mode feature on the other hand may not be precisely what some Twitter users expected.

Influencers Can Sell Subscriptions through Super Follows
With Twitter's newly announced ‘Super Follows’, influencers can now sell subscriptions for access to exclusive content for a fee ranging from $3 to $10 per month. Subscribers will be able to receive 'behind the scenes' information, early access, and other incentives from influencers such as cosmetic artists and sports gurus. As influencers fill their bank accounts, this feature frees up time for that additional piece of Twitter conversation to meaningfully interact with the most interested followers.

The feature is not only restricted to influencers, in fact, it's open to anyone like activists, journalists, musicians, writers, gamers, astrology enthusiasts, beauty experts, comedians, and others who use Twitter to share their unique ideas and personalities.

As Twitter Product Manager Esther Crawford puts it, "this functionality frees up time on Twitter for that extra bit of dialogue to meaningfully engage with the most interested followers while influencers fill their money accounts.

Twitter tested the Super Follows feature with a small group of creators in North America before launching it officially. Users of Twitter on Apple mobile devices will be able to follow participating creators globally.

Twitter, however, is said to not charge more than three percent of subscriptions as a processing fee until a creator earns $ 50,000 on the platform, at which point Twitter's stake might rise to 20 percent. The decision comes as Twitter strives to position itself as a go-to online place for clickable celebs while also generating cash in non-advertising and non-promotional ways.

Twitter's Tip Jar Could Soon Contain Cryptocurrency Payment Options
Twitter introduced the Tip Jar feature this year and stated at the time that the functionality will be available to a select group of users and that they would be able to add it to their profiles. Only a few producers, journalists, professionals, and organizations will see the Tip Jar on their profile for the time being. Twitter has stated that the capability will be made available to more users in the future.

Once a Tip Jar has been created, the user's followers can help them by sending tips. And, thanks to RazorPay's support, they can send money via a variety of methods, including UPI, credit and debit cards, net banking, wallets, and so on.

Twitter, on the other hand, also has plans of using cryptocurrencies as the latest in a series of initiatives to help influencers on the network find a way to make money. It also reflects the increasing prominence of cryptocurrencies as a payment method. Bitcoin has surpassed $50,000 for the second time, while Ethereum is growing to $3900 and gaining recognition as a payment method.

Are Influencers Becoming the Element of Enhancement to Social Media Platforms?
Adam Mosseri, the CEO of Instagram, recently told CNBC that the business's parent company, Facebook, wants to hire millions more creators through its apps. Users will be able to tip some of Snapchat's most well-known producers, and the company will pay people for regularly publishing popular content on its short-form video service. Pinterest also launched a creator fund for a select group of users.

Although the subscription business model is one way for Twitter to diversify its revenue streams, advertisements still account for the majority of the company's earnings. According to Twitter's first-quarter financial report, advertising accounts for more than 86 percent of its revenue.

After traffic acquisition costs, EMarketer forecasts a 28.7 percent increase in Twitter's global ad revenue to $4.03 billion in 2021. The value of a social media company's ad inventory is defined by the number of hours users spend on the platform each day. People mostly do this to see what creators have posted.

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