(This April 28 story has been corrected to attribute the cut taken on subscriptions to iOS and Android platforms, not Twitter, in paragraph 5)
(Reuters) – Twitter Inc CEO Elon Musk said on Friday that the social media platform will take a 10% cut on content subscriptions after the first year, as the company looks to monetize content on the website in a bid to diversify its revenue sources.
Earlier this month, billionaire owner Musk said users of the social media platform will be able to offer their followers subscriptions to content, including long-form text and hours-long video.
He had also said that the company will not take a cut for the first 12 months on content subscriptions.
Musk has been bringing in changes at Twitter to boost revenue after the platform saw advertising income drop last year in the run up to his $44 billion acquisition that closed in October.
He added that the cut taken by iOS and Android platforms on subscriptions will drop to 15% in the second year from 30% in the first.
(Reporting by Akash Sriram in Bengaluru; Editing by Maju Samuel)
