May 9, 2022
Twitter: X marks the spot for Elon Musk's growth plans
Image source, AFP.Elon Musk aims to increase Twitter's revenue fivefold to $26.4bn by 2028, a presentation to prospective Twitter investors seen by The New York Times suggests. Last year, Twitter's revenue was $5bn.Plans to launch a new service called X are also revealed in the report, with an aim of nine million subscribers in its first year and 104 million by 2028.Tech industry analyst Kyle Rees says the goals are "Very tentative given the state of global and industry affairs". In 2020, advertising generated about 90% of Twitter's revenue, the NYT says. Subscription services will apparently pay a key part in growing Twitter's revenue, which it is hoped will generate nearly $10bn by 2028.Part of the source of that income, the document suggests, will be an enigmatic new product called X, with its details still to be announced. There is also a goal to increase the number of Twitter Blue subscribers to 69 million by 2025, and to 159 million by 2028.Twitter Blue already exists, and gives users in countries where it is available features such as an undo tweet button, and ad-free articles for a subscription of $3 a month.
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