Twitter Inc (NYSE: TWTR) is close to launching a new “Super Follow” feature that will enable creators to put specific content behind a paywall. The news comes more than a month after Twitter reported market-beating financial results for its first quarter.
The Patreon-style subscription service that Twitter announced earlier in 2021 will be available exclusively to users over 18 years of age, with more than 10K followers, and a minimum of 25 tweets in the past thirty days, as per app researcher Jane Manchun Wong.
In separate news from the United States, tech giant Microsoft Corp secured approval from the U.S. antitrust regulator for its $16 billion purchase of Nuance Communications.
CNBC’s Julia Boorstin’s comments on “TechCheck”
According to CNBC’s Julia Boorstin, with its new service, Twitter aims to penetrate a different kind of creator economy than the likes of Instagram, Snapchat, and TikTok. Super Follows will help Twitter get a very different group of people to subscribe. On “TechCheck”, Boorstin said:
“The next two quarters are going to be absolutely critical. We’ll see how soon they can get this product out the door. But back in February, when Jack Dorsey talked about this idea, they talked about the price point may be being at $5/month.”
“The question is, what is the addressable market? How many people are going to actually want to pay Twitter, and then once people get used to giving their credit card to Twitter, what are the different things that they might do on that platform? Can Twitter generate meaningful revenue from, say, commerce which is another thing that Dorsey has said he’s interested in,” she added.
Twitter has been committed to adding more monetisation features in the past few months, including the launch of “Twitter Blue” last week and “Tip Jars” in May.
Twitter’s performance in the stock market
Twitter shares tanked to an intraday low of $57.86 on Monday, but are currently exchanging hands at a higher $59.28. This compares to a year-to-date high of $77.63 per share in the first week of March and a year-to-date low of $45.18 per share in mid-January.
Twitter had started the year at a per-share price of $54.53 after closing 2020 with an annual gain of more than 60%. At the time of writing, the San Francisco-based social networking service has a market cap of $47.32 billion.
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