Twitter CEO, Jack Dorsey has provided clarification on the rumored introduction of a subscription platform to the microblogging service. Apparently, a subscription system is merely one of multiple different programs under consideration to complement Twitter’s existing ad-based revenue stream. Additionally, Dorsey reports that Twitter’s secretive revenue enhancement project, codename Gryphon, will begin testing some of these alternatives during the coming year.
The news comes amidst what the company expects to be a temporary depression in ad revenue. At the same time, the company is also navigating multiple additional crises, including responding to a recent data privacy breach, as well as ongoing pressure to suppress hate speech on its platform. This is all in addition to the ongoing challenges that Twitter has taken a stark stand on, such as the removal of all paid political advertising.
Besides the general confirmation, CNN also quotes Dorsey as explaining how the project Gryphon is still in the “very very early phases of exploring.” The project will require deep thought and premeditation in order to ensure user buy-in and acceptance of a shift towards alternative monetization strategies. Timing and the process of introduction are also likely to be key factors in ensuring the success of a transition. For example, with trust levels currently weakened, due to the recent breach, Twitter is likely to focus efforts on rebuilding that trust prior to introducing a major shake up in the user experience, let alone a paid one.
Advertising, Subscription, & Other Complementary Revenue Streams
What might some of the complementary alternatives to a subscription service look like? Well, one could include Twitter implementing monetized gamified experiences on the platform, increasing user contact with in-game advertising, as well as enhancing the social experience of tweeting. Meanwhile, an addition to Twitter’s revenue stream that could complement its existing advertising ventures might be economic incentives to participate in games, such as winning entries into raffles to win gift cards or products from Twitter’s advertising partners. Other social networks have also incorporated gamification, though the opportunity exists for Twitter to introduce novel games that are unique to its platform’s strengths.
Gamification is merely one of multiple alternative strategies that Twitter might add to its extant repertoire of monetization methods. However, it is one that is likely to be well received as it introduces new methods of connecting in ways that will enhance the sociality of Twitter interactions. For example, there is the argument that video games bring people closer than social media and a gamification Twitter strategy could bridge the best of both worlds.
