Will Twitter bring back VIne?
Published: 1st November 2022 | Source: The Telegraph | Author: Mark Campbell
Elon Musk has fired the entirety of Twitter's board of directors
Elon Musk has dissolved Twitter's board or directors and has installed himself as the company's sole director, making him the undisputed leader of the social media giant.
Last week, Elon Musk finished his acquisition of Twitter for $44 billion (£38 billion), and has quickly moved to cease direct control of the company. Musk has claimed that he plans to rework Twitter's verification system, with recent reports alleging that he plans to charge $20 per month for celebrities, influencers, and companies to maintain their blue checkmarks on the platform. In short, it looks like Musk is planning tax Twitter's professional userbase.
Other reports have also claimed that Musk plans to cut jobs at Twitter, axing non-vital staff while retaining the company's most talented employees. The Washington Post has reported that up to 25% of the company's staff could be affected by Twitter's first round of cuts, though it remains to be seen how deep Musk's cuts will go.
Musk's plan with Twitter appears to be to cut expenses while generating additional revenue from the social media platform's high-end userbase. These changes will help Musk recoup his investments in the platform, a lot of which was funded through loans.
(Elon Musk as he appeared at a fancy dress Halloween party on Monday night)
Musk's planned changes to Twitter's verification system will reportedly force the platform's verified users to subscribe to the company's new subscription service within 90 days or lose their blue checkmarks. Verified Twitter users have gone through a verification process to confirm that they are genuine account holders. Verification marks are currently free and are used by celebrities, journalists, brands, and influencers to certify that they are genuine account holders and not fake accounts.
Previously, Musk has stated that he wanted 50% of Twitter's revenues to come from products that are not from advertising. Simply put, Musk wants Twitter to generate subscription revenues, allowing the company to generate more potential revenue per user than the company's primarily advertising based model.
Musk has also Tweeted to ask users if he should "bring back Vine", a video sharing platform that Twitter acquired and ultimately axed. Vine was a TikTok like short video service that failed to become profitable. Bringing back Vine could give TikTok some major competition, especially if anti-Chinese sanctions start impacting the latter. TikTok is a Chinese company, and that fact alone makes a western alternative seem attractive to users.
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01-11-2022, 11:58:47
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