Twitter has released more clues about what their new paid feature will look like. The microblogging social network will allow users the option to offer exclusive content to their followers in exchange for a subscription fee of somewhere around $4.99 per month. The new feature, dubbed “Super Follow,” does not yet have a release date, though Twitter has stated that the content will be presented via exclusive tweets, private groups or paid newsletters.
Will Twitter’s new direction open the door for other social networks to implement their own versions of subscriptions for exclusive content? The boom in subscription services came to Spain and other countries in the form of platforms such as Netflix, HBO and Spotify. These types of platforms are here to stay, having achieved success by putting the consumer at the center of their strategy. To give an idea of the popularity of subscriptions at of some of these Premium content giants, Spotify closed last year at 155 million premium subscribers and Netflix exceeded its expectations with more than 200 million subscribers, according to the company report for Q4 of 2020.
Looking at the benefits of the subscription model, it’s a win-win situation for both the users and the streaming platforms. Companies receive recurring revenue while maintaining loyal customers in exchange for enhancing the user’s experience with access to personalized content. Subscribers can access whatever they want whenever they want, and many times the content is automatically tailored to their interests. Who doesn’t like to have a content catalog adapted to their taste and needs at the click of a button?
Until this new feature is implemented, we won’t know if paid content will triumph on Twitter or whether it will cause a domino effect for social platforms to follow, but we can affirm that this way of consuming products and services opens a door to new opportunities for brands. We must not lose sight of the fact that if this does become the new trend for these platforms, quality content will be a key factor in differentiating oneself and attracting users. Brands will differentiate themselves by having a sponsor badge and the ability to launch new newsletters, offers, and discounts for subscribers—and for them, creativity and loyal consumers will be key.
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