After all but declaring war on publishing platform Substack, Twitter CEO Elon Musk announced on last Thursday that users can now offer their followers the option of subscribing to ‘any material, from longform text to hours long video!’
What’s more, Twitter won’t keep any of the profit, according to Musk.
“For the next 12 months, Twitter will keep none of the money,” he tweeted, adding “You will receive whatever money we receive, so that’s 70% for subscriptions on iOS & Android (they charge 30%) and ~92% on web (could be better, depending on payment processor).”
After the first year, fees for iOS and Android will drop to 15%, and Twitter will “add a small amount on top of that, depending on volume.”
Twitter will also help to promote the work of content creators, with the goal being “to maximize creator prosperity.”
The move comes two days after Substack rolled out its ‘Notes‘ feature, which mimics Twitter’s platform. Last week, less than 48 hours after Substack announced the new product, Twitter began throttling links to Substack, according to some users.
Substack, meanwhile, told Ars Technica that it doesn’t see Notes as a Twitter rival.
“It’s not accurate to call Notes a rival to Twitter,” said Helen Tobin, Substack head of communications. “They have two different business models, with different incentives.”
What say you?
