March 1, 2021
On February 25, Twitter announced plans to build a new paid product called Super Follows, Bloomberg reports.
The social network describes Super Follows as a potential subscription product that will enable users to charge their followers for access to special content or experiences—part of a broader effort to diversify Twitter’s revenue sources and give high-profile users a way to make money on the service.
The company first mentioned the new feature during an Analyst Day event—describing it as an “account subscription” that would enable users to charge others on the service for certain content. This could be a number of things, including exclusive tweets, special access to another user’s direct messages or audio conversations, or a paid newsletter, said Twitter’s Product Lead Kayvon Beykpour,. The company plans to release Super Follows “sometime this year.”
According to Bloomberg, Twitter’s shares rose to an all-time high on the product announcement and an upbeat forecast for sales and user growth through 2023. San Francisco-based Twitter recently purchased newsletter startup Revue, and executives have said they are excited about letting newsletter writers build a paying audience on the service. The company is also considering “tipping,” or letting users donate money to people they enjoy following, and charging for Tweetdeck.
“We also think that an audience-funded model, where subscribers can directly fund the content that they value most, is a durable incentive model that aligns the interest of creators and consumers,” said Dantley Davis, Twitter’s chief design officer. Presumably, Twitter would take a cut of the subscription fee.
Twitter executives also talked about the need to move fast—pointing out that the company historically has moved too slowly when it comes to launching and testing new products. “We agree we’ve been slow,” Co-founder and CEO Jack Dorsey said to start the event. “If you compare us to our peers on the market, this is especially stark.”
In addition to goals around revenue and user growth, Twitter also said it wants to “double development velocity” by 2023, which means “doubling the number of features shipped per employee.”
Research contact: @Bloomberg