Musk’s Paid Twitter Verification Plan Is Not Going According To Plan, New Report Confirms

Elon Musk may have begun Twitter’s paid verification program with plenty of high hopes but things aren’t quite going as planned.

Twitter was in shambles and Musk needed a quick means to generate revenue as advertisers began pulling out. Hence, a new plan to allow for paid verification was begun, hoping to solve issues. But that’s just not the case, as per this new study.

The company was losing out on nearly $4 billion each day and that led to huge lay-offs and a massive scramble toward options through which revenue could be generated.

Paid verification did make plenty of sense during that time. Elon stressed the need for immediate cash and a way through which he could combat bots too. Therefore, he thought why not verify all humans and make others pay for it?

But most people are not willing to pay and why should they when there is not much at all up for grabs. All they appear to be getting is a blue tick near their name and the status of being called exclusive.

Now, people are using money to get exclusive so that makes this tick rather meaningless. It’s like a marker of status of some kind.

Today, nearly 180,000 across the US are paying for so many subscriptions to the app and that’s less than 0.2% of monthly users on the platform. As of today, research shows there are 300,000 subscribers for this platform and it’s just so close to the data seen with The Information.

So if you actually dig deep, Twitter is doing everything to add nearly $2.4 million each month through this program. And that’s actually really good as it comes under the likes of extra income during a time when the firm needs it badly. But this is really way off from what the company needs in terms of subscription revenue.

In case you missed it, Elon Musk wants the platform to make revenue through subscriptions is about 50% of the overall intake of the firm. But for this to actually take place, the company needs to raise the takeup through this by nearly 81 times than what is the current situation.

So when you look at things from the aspect of revenue, it’s not even close to reaching the target of Twitter laid out at the start. This past weekend, we saw Twitter Blue get rolled out to several regions but seeing the current stats, there is no likelihood that it would end up reaching the levels needed to make considerations in this regard.

Hence, what does this mean? All those matters linked to impersonation, gold ticks, gray checks, and also square designs for profile pictures were actually water of both effort and time.

What the company needs is extra revenue and a boost of nearly $29 million that would help fight this financial crisis. All in all, we’re seeing a long series of issues and missteps taking place, one after the next.

The latest on this front is the app wants brands to set out $1000 each month for a feature called gold ticks. And we can clearly see this not being a mega success too. It might be getting more signups regarding blue ticks in the future, but that’s outlined to be around 420,000 more subscribers.

The problem is that if anyone and everyone can buy this tick, why would you want this and how does this offer exclusivity? Twitter really needs to devise a better strategy than this if it wishes to make more money from the endeavor. What do you think?

Read next: Shocking New Report Highlights Twitter’s Lack Of Action In Removing Child Abuse Content
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