Elon Musk has some big changes planned for Twitter, and one may involve boosting revenue by making users pay to get and keep their coveted blue checkmarks.
Elon Musk has some big changes planned for Twitter. After acquiring the company, the world’s richest man fired three prominent board members, he has spent months talking about how he wants to turn Twitter into a « free speech platform, » and his desire to combat bots operating on the site is well known. One less high-profile decision might have a huge impact on Twitter’s most prominent accounts — those with blue verified checkmarks.
The whole verification process is being revamped right now
Elon Musk (@elonmusk) October 30, 2022
Musk spent around a fifth of his total net worth acquiring the company, so it’s safe to assume he’ll want some form of return on his investment. Before the takeover was finalized, the billionaire released a statement in an attempt to reassure advertisers the platform wasn’t going to turn into a « free-fo-all hellscape. » Advertising income makes up the majority of Twitter’s revenue, and a couple of big names are currently assessing where Twitter is going under Musk before continuing to run ads on the platform — so it’s easy to see why Musk attempted to clarify his position. Outgoings are also being reassessed, with the company currently making layoffs in an attempt to balance the books.
But advertising isn’t Twitter’s only income stream. The platform has a premium subscription service, which could potentially bring in some much-needed extra income. If rumors reported by Platformer prove true, that subscription service could soon be a requirement if verified users want to keep their checkmarks. The outlet claims the story has been verified by two sources, though Twitter hasn’t made an official comment. However, Musk did recently tweet that the « whole verification process is being revamped » while responding to a user who had been denied verification several times despite seemingly being qualified.
Twitter verification is currently free, and the service has benefits for verified users, Twitter itself, and everyone else on the platform. The main benefits of verification are as follows: it lets users know that an account is owned by the person it represents, it helps Twitter combat misinformation, and it lets users with a blue tick near their name feel a bit special.
