The process to gain a coveted blue verification tick on Twitter will soon change as Twitter’s Chief Executive Officer, Mr Elon Musk, announced that the service which authenticates the identity of a person or business on the platform would now cost $8 per month. This is contrary to earlier reports released on Monday that Twitter would charge $20 per month as subscription fees from users with verified accounts.
Driving the news
Mr. Elon Musk, in his tweet on Tuesday, stated that by charging $8 for the verification tick, he is restoring power to the people. And that country would adjust the price proportionate to purchasing power parity.
- The Tesla boss listed the benefits of the new payment plan for the blue tick, which is currently free, to include priority in replies, mentions & search, ability to post long video & audio, half as many ads, and paywall bypass for publishers willing to work with the platform.
Why it matters
Mr. Elon Musk has been vocal about his plans to monetize Twitter. According to the New York Times, the Tesla boss and space x chief engineer has plans to increase Twitter’s revenue by five times. He plans to do this by not relying on the revenues from ads run on the platform but by creating other multiple streams of income.
The big picture
Although Mr. Elon Musk says there will be a secondary tag below the name for a user who is a public figure, which is already the case for politicians. Many believe commonizing the blue tick opens up the public to dangers, including spread of fake information. Another sect believes that this would end the superiority verified users have had over others.
- Many other changes could come to the platform as the management of Mr. Elon Musk continues.