Elon Musk's initiative to shift X (formerly Twitter) away from advertising revenue towards paid subscriptions is facing challenges. According to Appfigures, X has generated around $200 million via in-app purchases since launching X Premium, but actual earnings are likely higher with web purchases included. Despite introducing new subscription tiers like Basic and Premium+, the platform still struggles to significantly increase its subscription base.
During September 2024, X earned $14.7 million from mobile in-app purchases, suggesting approximately 1.4 million paying users. Additionally, X is promoting content creator subscriptions, offering creators incentives based on engagement from Premium subscribers rather than ad revenue.
Despite these efforts, subscriptions make up a small portion of X’s revenue, with Bloomberg reporting $1.48 billion in total revenue for the first half of 2024. Challenges remain, as recent actions by Elon Musk have strained relationships with advertisers, prompting X to seek reconciliation efforts.
Source: TechCrunch
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