X (formerly Twitter) has begun testing three different tiers of its proposed premium subscription. The information came from the company CEO Linda Yaccarino in a meeting with debt holders as she updated the bankers about the finances and revenue of X, as per a report. It was also highlighted that the testing was done to increase the revenue collection from the subscription funnel. Additionally, X also stated during the meeting that the advertisers are returning back to the platform, although with smaller budgets.
According to a report by Bloomberg, the current premium subscription that costs $7.99 will be split into three different tiers, namely, Basic, Standard and Plus, as conveyed by a source that attended the event. The main aim of this move is to woo those users who were perhaps pushed away by the high subscription fee but might pay if the price is lowered.
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As per the report, Yaccarino provided an overall positive assessment of the company since she took the seat in June. She mentioned that revenue is consistently increasing by a significant single-digit percentage from one quarter to the next in advertising, data licensing, and subscription verticals.
X tests three-tiered premium subscription
While the fee for each of the tiers is not known, it is believed that the $7.99 will likely be the ceiling of the subscription fee and will be bundled in the Plus tier. The Basic and Standard variants are expected to be more affordable options.
As such, Basic and Standard are also unlikely to give users the full range of features that are provided for X Blue subscribers at the moment, and they might just get a few of the perks that come with being a paid member of the platform. It is not clear whether the blue checkmark will be added to any of the lower-priced subscriptions or not. Being a highly sought-after feature, its presence in the lower tiers could bring even more people under the subscription umbrella, however, not adding it could also improve the exclusivity of the checkmark.
While X is having a good time with advertisers and new subscription plans, Musk is facing a tough time after The US Securities and Exchange Commission (SEC) sued Elon Musk in federal court in San Francisco after he refused to testify in the agency’s probe into his purchase of Twitter in 2022.
The SEC investigation pertains to whether Musk breached securities laws concerning his acquisition of Twitter stock last year and his statements and regulatory filings concerning the social media company. This information was disclosed in a filing on Thursday. In the same filing, the SEC noted that Musk did not attend the scheduled testimony in San Francisco last month.
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