Sections of this topic
In this article, we’ll look at the reasons behind the disappointing subscription numbers for Twitter Blue, Elon Musk’s latest venture for the social media platform, and its implications on Twitter’s financial situation.
Key Takeaways:
- Only 116,000 out of 2.6 million visitors signed up for Twitter Blue in March
- Verification checkmarks are now exclusive to Twitter Blue subscribers
- The service has less than 1% of Twitter’s monthly users as subscribers
Twitter Blue’s Underwhelming Performance
Despite Elon Musk’s aggressive marketing strategy, Twitter Blue, the subscription-based service, has failed to attract a significant number of subscribers.
Out of the 2.6 million people who visited the Twitter Blue sales page in March, only 116,000 signed up, according to SimilarWeb’s internet traffic analysis.
This lackluster performance raises questions about the platform’s future growth and revenue prospects.
Verification Marks Now Exclusive to Subscribers
As part of Twitter Blue’s promotion, Elon Musk announced that starting this month, only subscribers would be eligible for the coveted blue verification checkmarks.
Previously, these were reserved for public figures and well-known personalities.
This change was expected to boost subscriptions, but it appears that it wasn’t enough to drive significant growth.
Musk has since granted some verified users more time to decide whether to pay for the service.
Low Subscription Rates Impact Revenue
According to The Information, Twitter Blue had less than 300,000 subscribers in February.
Even with the additional 116,000 sign-ups estimated by SimilarWeb, less than 1% of Twitter’s monthly users are currently subscribed to the service.
It’s worth noting that these estimates don’t include mobile app sign-ups or bulk purchases from organizations.
Struggling with Advertising Revenue
Elon Musk has previously stated that over 500 million people use Twitter on a monthly basis.
However, the platform’s advertising revenue has declined by 50% between October and March. Despite efforts to win back advertisers, many have not returned.
At its current $8 per month subscription fee, Twitter Blue has not been able to make up for the lost advertising revenue, posing a challenge for the platform’s financial future.
Conclusion
Twitter Blue’s disappointing subscription numbers, coupled with the declining advertising revenue, put the social media giant in a precarious position.
The company must now reconsider its marketing strategies and find new ways to attract subscribers and boost revenue.
Only time will tell whether Elon Musk can turn Twitter’s fortunes around, but for now, it seems that the road ahead for Twitter Blue remains bumpy.
