X, formerly known as Twitter, is introducing two new tiers for its subscription offering in order to bring in additional revenue. The social media giant is adding a new Premium+ tier that costs $16 per month and offers the “largest reply boost” and removes ads from the For You and Following feeds. The tier also comes with revenue-sharing, along with access to other creator tools.
The second tier launching today is called “Basic” and costs $3 per month. The tier doesn’t come with a blue checkmark, but includes basic features like the ability to edit posts and post longer text and videos. It also offers a “small reply boost.”
Both of the new tiers are now available on the web.
The introduction of the new tiers will give X additional ways to grow revenues as it deals with the loss in advertising dollars that it has faced since Elon Musk took the reins of the platform last fall. Musk’s controversial changes have turned away advertisers, as major companies ended up pulling their ads from the social network after their ads were displayed next to hate speech and pro-Nazi content. Earlier this month, Reuters reported that the company’s U.S. ad revenue has declined every month since Musk took over, with the latest figures showing a 60% year-over-year decline as of August.
The launch of the new tiers comes a few weeks after Bloomberg reported that X was working on new subscription tiers.
This story is developing…