Looks like Elon Musk’s Twitter does not have many takers with less than 0.2 per cent of Twitter users paying for subscriptions to the platform.
Roughly 180,000 people in the US and a further 110,000 globally had subscribed to Twitter Blue in mid-January, according to figures obtained by The Information.
Meaning, the social media platform could be making an annual subscription revenue of just around $28 million.
Musk introduced the platform’s updated Twitter Blue service in December, costing $8 a month for web users, and $11 a month for Android and iOS users.
Just this week, Twitter was found to be charging businesses $1,000 a month to keep their gold checkmarks.
The charges for the previously free platform were meant to stem the $4 million a day loss, forcing the billionaire to look for new revenue streams.
In order to cover the operating losses stated by Musk, Twitter would need around 15 million paid users a month. However, the latest figures suggest they are less than 2 per cent towards reaching this.
Musk also sought to cut costs by slashing up to 50 per cent of staff and shutting down offices.
Two weeks into buying Twitter for $44 billion in October, Musk hinted at the possibility of the social media platform going bankrupt.
In his first email to employees, he warned that Twitter would not be able to ‘survive the upcoming economic downturn’ if it fails to boost subscription revenue to offset falling advertising income.
‘Twitter had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,’ he tweeted in November.
‘Extremely messed up! They’re trying to destroy free speech in America.’
Companies including Tesla rivals Audi, General Motors and Volkswagen were among those that paused campaigns on the platform.
MORE : Twitter is charging businesses $1,000 a month to keep their gold checkmarks
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