Twitter Inc. CEO Elon Musk said that the social media network would take a 10% cut on content subscriptions after the first year to diversify its revenue.
This month, billionaire owner Musk announced that social media users could offer their followers subscriptions to long-form text and hours-long video.
He said that content subscriptions will not be cut for the first year.
After Twitter’s advertising revenue dropped last year ahead of his $44 billion acquisition, Musk has made changes to boost revenue.
He noted that the company’s portion from iOS and Android subscriptions would reduce to 15% in the second year from 30% in the first.