Twitter announced on Thursday that they will launch Twitter Blue. Twitter blue is the company’s first subscription service designed for power users willing to pay a monthly fee for exclusive features.This is the first attempt at a subscription business model and could diversify Twitter’s revenue streams. Advertising makes up more than 86% of Twitter’s revenue. Shares of Twitter were up around 2% on Thursday morning. The service is rolling out to users in Canada and Australia respectively for $3.49 and $4.49 in local currencies per month.
The company did not say when Twitter Blue will become available for U.S. users. The social media company set goals earlier this year to accelerate the speed at which it launches new products. It hopes to reach 315 million monetizable daily active users by the end of 2023 and double its annual revenue to $7.5 billion by the end of 2023
Twitter Blue users will get an Undo Tweet feature that allows them to set a customizable timer of up to 30 seconds to take back a tweet if it needs to be fixed. The feature is not quite an edit button, a feature often requested by users, but it will allow subscribers to preview what their tweets look like and adjust them before they’re published.
The new feature will cost $2.90 or $3.48 per month in Canada and Australia respectively. The service will cost $2.99 per month in the United States. Twitter said that Long threads of multiple tweets will be easier to read through a new reader mode on the service.
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