Twitter says it's looking at subscription options as ad revenue drops sharply
Twitter is exploring additional ways to make money from its users, including by considering a subscription model, CEO Jack Dorsey said. The move comes as Twitter suffers a sharp decline in its core advertising business.
"You will likely see some tests this year" of various approaches, Dorsey told analysts on an investor call held to discuss the company's second quarter earnings results. Dorsey said he has "a really high bar for when we would ask consumers to pay for aspects of Twitter," but confirmed that the company is seeking to diversify its sources of revenue in what are "very, very early phases of exploring."
Twitter's growth plans are under close scrutiny as many advertisers pull back due to the pandemic. Twitter reported second-quarter ad revenues of $562 million, a 23% decrease compared to the same quarter a year ago.