Twitter plans to launch new features and double its earnings by 2023
27 February, 2021
Twitter will launch new features and products faster to refresh its business after years of stagnation, the company said, aiming to double its annual income in 2023.
The stock rose 3.9 % to close at $74.71, after hitting a great all-time high of $80.75.
“Why don’t we start with why folks don’t have confidence in us,” said leader Jack Dorsey in the beginning of Twitter’s virtual investor day presentation on Thursday. “It boils down to three critiques: we’re slow, we’re not innovative, and we’re certainly not trusted.”
The social media network outlined plans including tipping and paid subscriptions to “super follow” some accounts, to achieve at least $7.5 billion in annual income and 315 million monetisable daily active users (mDAU), or those that see ads, by the finish of 2023.
The “super follow” feature, which lets users charge followers for the usage of exclusive content, will launch this season, a spokesman said.
The site, typically used to broadcast short messages to a broad audience, is also focusing on building more ways for folks to have conversations, it said.
This includes hosting live sound discussions using its ‘Spaces’ feature, which is being tested with about 1,000 users, and letting people share longer-form content using Revue, a newsletter publishing service Twitter acquired last month.
Additionally it is considering allowing “communities” to be designed for particular interests.
Kayvon Beykpour, Twitter’s head of consumer item, said creators can customise communities, including setting and enforcing “social norms” beyond Twitter’s rules.
At the virtual event, Twitter’s policy chief Vijaya Gadde also reiterated the company’s support for an open internet. Mr Dorsey said any changes to Section 230, a US law that shields online companies from liability over content submitted by users, should be made carefully.
Internationally, Twitter faces challenges in India, a rapidly developing market with plans to require that social media companies erase certain content and coordinate with law enforcement.
Twitter had previously refused to delete content linked to farmers’ protests in India.
Source: www.thenationalnews.com
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