Twitter Adding Subscription Service, Seeks to Double Revenue by 2023

In an effort to increase and broaden revenue streams, Twitter is unveiling subscription products, in which users will pay content creators for newsletter subscriptions, bonus tweets, and other content they like, according to Axios. The move will help Twitter, which hasn’t been known to drastically innovate in recent years, grow less dependent on ad revenue.

“Why don’t we start with why folks don’t believe in us,” Twitter CEO Jack Dorsey said during Twitter’s virtual investor day presentation, according to Reuters. “It comes down to three critiques: we’re slow, we’re not innovative, and we’re not trusted.”

Its new “super follow” paid subscription program is scheduled to launch later this year. Tweetdeck, a dashboard application that allows users to keep up with a large number of tweets and hashtags in real-time, could also soon be behind a paywall.

With these new innovations, the social media company says it plans to more than double its revenue by the fourth quarter of 2023. The goal is to have 315 million paying daily users by then.

Twitter is also working on other ways to increase engagement by possibly hosting audio discussions live under its “Spaces” feature that’s now being tested with around 1,000 people. Twitter could soon allow users to create communities around specific interests as well.

This marks the first time Twitter has established such goals for its revenue and daily users, according to CNBC. If Twitter’s revenue is doubled, the company would go from making $3.7 billion last year to making at least $7.5 billion in 2023, according to its executives.