Twitter said it is in “the early stages of exploring additional potential revenue product opportunities to complement our advertising business,” in a letter to shareholders. These opportunities include “subscriptions and other approaches.”
“[A]lthough our exploration is very early and we do not expect any revenue attributable to these opportunities in 2020, you may see tests or hear us talk more about them as our work progresses,” the letter read.
On Thursday, the social media platform also reported the largest growth on record in monetizable daily users. The rate went up 34 percent from last year. Twitter, however, was still unable to turn a profit in the three months through June, as per Fox Business.
"Twitter says it's exploring subscription options — here's why" via FOX BIZ https://t.co/KlLGODE96C
— Anita Blakley (@anitablakley) July 23, 2020
Twitter has recently piqued the interest of many. It happened after “a series of high-profile hacks earlier in July that set both the political and business worlds on edge,” Fox Business reported. Hackers targeted around 130 accounts – many of which belong to prominent individuals.
“For a small subset of these accounts, the attackers were able to gain control of the accounts and then send Tweets from those accounts,” Twitter said in a statement.
“We are continuing to assess whether non-public data related to these accounts was compromised,” Twitter said after the incident. Also, the social media platform “will provide updates if we determine that occurred.”