Twitter shares that have risen by 10.5% since the beginning of the year rose by 7.34% on Wednesday in the announcement of plans to launch the Gryphon subscription platform.
Twitter posted an ad for a “senior division engineer” on its website in the vacancies section.
Twitter did not comment anything, but investors were happy to hear the news expecting the subscription service to help increase revenue and reduce reliance on advertising accounting for more than 84% of the company’s total revenue.
Twitter’s management has probably been considering the idea of creating a subscription service for advanced users for many years. In 2017, the company sent out a survey to find out the number of users interested in a more advanced, paid version of the TweetDeck toolbar.
TweetDeck was originally created as an independent application. Later it was purchased and integrated into the main Twitter platform and became available on various devices.
TweetDeck tools let you manage multiple Twitter accounts, schedule tweets for future posting, create tweet collections, and more.
Such a tool if supported by content from various news agencies can help marketers, journalists or other professional users learn more quickly about the events in their field and globally, as well as gain more understanding and see the widest range of things people say in Twitter.
If Twitter enters into partnership agreements with news publications and magazines, the company will strengthen its competition with Facebook and compete with the Apple News + service.
The creation of a subscription service should benefit Twitter trying hard to increase its revenue both because of issues with the release of the advertising product and because of the impact of the COVID-19 pandemic on the advertiser costs.
In the first quarter, daily active Twitter users grew 24% per year to 166 million. However, the total revenue has increased by only 3% to $ 808 million, which is the smallest increase in two years. Advertising revenue grew less than 1% to $ 682 million from the same quarter last year.
Last week’s rise in Twitter shares and Snap ones was based on the fall of Facebook’s competitor which faced an advertiser boycott due to the company’s policies against disrespectful speeches and racial discrimination.
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