Jack Dorsey, CEO of Twitter Inc. and Square Inc., speaks during an Empowering Entrepreneurs event at Ryerson University in Toronto, Ontario, Canada on Tuesday, April 2, 2019.
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Twitter on Thursday announced the launch of Twitter Blue, the company’s first subscription service designed for power users willing to pay a monthly fee for exclusive features.
It’s the company’s first attempt at developing a subscription business model and it could diversify Twitter’s revenue streams. Advertising accounts for more than 86% of Twitter’s revenue, according to its first quarter earnings report.
Twitter shares rose about 2.3% Thursday morning.
The service launches for users in Canada and Australia for $ 3.49 and $ 4.49 per month in local currencies, respectively. The company didn’t say when Twitter Blue will be available to US users.
The social media company set goals earlier this year to accelerate the pace of new product launches. The company hopes to reach 315 million monetizable daily active users by the end of 2023 and to double its annual revenue to $ 7.5 billion by the end of 2023.
Twitter Blue users get an undo feature that allows them to set a customizable timer of up to 30 seconds to take back a tweet if it needs fixing. The feature isn’t necessarily an edit button, a feature that users frequently request, but it does allow subscribers to preview their Tweets and customize them before posting.
Other functions are:
- Bookmark folders so users can organize the tweets they have saved.
- A reader mode that makes it easier to read long threads.
- The option to customize the Twitter app icons on their phones.
- Access to color themes for the Twitter app.
- Dedicated customer support.