Twitter is considering adding subscription alternatives after it recorded a drop in ad revenue as a result of the lingering COVID 19 pandemic.
CNN Business revealed that Twitter CEO, Jack Dorsey disclosed the new plan during a recent investor’s conference call.
While talking about the development, Dorsey said: “You will likely see some tests this year.”
Dorsey also said he has “a really high bar for when we would ask consumers to pay for aspects of Twitter,” but stated that the company is looking at other means of bringing in revenue that are in “very, very early phases of exploring.”
He said: “We want to make sure any new line of revenue is complementary to our advertising business. We do think there is a world where subscription is complementary, where commerce is complementary, where helping people manage paywalls … we think is complementary.”
The news came days after Twitter encountered a major security breach after hackers hacked into accounts of major public figures and asked them to transfer cryptocurrency to have it doubled. Many public figures fell for the scam thinking it was real.
The hackers manipulated accounts of major public figures and corporations like Joe Biden, Barack Obama, Elon Musk, Bill Gates, Jeff Bezos, Kanye West, Uber, Michael Bloomberg, and many others.
During the recent call, Dorsey also apologized for the breach and pledged to provide strong security measures to forestall future occurrence of the incident.
He said: “We feel terrible about the security incident. Security doesn’t have an end point. It’s a constant iteration … We will continue to go above and beyond here as we continue to secure our systems and as we continue to work with external firms and law enforcement.”
