Elon Musk Proposes the Launch of a New Twitter Product "X" by 2023

Elon Musk Proposes the Launch of a New Twitter Product “X” by 2023

By Jane Muia / Published May 10, 2022 | 4:42 pm

KEY POINTS

In a recently released document, Elon Musk projects an increase in number of Twitter users from more than 200 million last year to over 900 million in 2028.

KEY TAKEAWAYS

In 2020, advertising generated about 90% of Twitter's revenue. Subscription services will apparently play a key part in growing Twitter's revenue, which it is hoped will generate nearly $10bn by 2028.

Elon Musk’s Twitter prospects are never-ending – his latest proposal includes the launch of a new Twitter product called X , which he says will have 9 nine million subscribers in its first year and 104 million by 2028.

In a recently released document, Elon Musk projects an increase in number of Twitter users from more than 200 million last year to over 900 million in 2028.

In 2020, advertising generated about 90% of Twitter’s revenue. Subscription services will apparently play 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 lets people pay a monthly subscription fee of $3 to access special content or features features such as undo tweet button, and ad-free articles for a subscription of $3 a month. According to the company, Blue is available on the Twitter application for Apple or Android smartphones in Australia, Canada, New Zealand, and the United States.

Tesla CEO, Elon Musk, who recently inked a $44 billion deal to buy Twitter, had earlier disclosed his plan to enhance the platform with new features. The transaction will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person.

The deal by Musk to own Twitter hinted that the platform may charge a slight cost for commercial and government accounts while remaining free for casual users.

Twitter has about 40 million daily active users in the United States, according to its most recent earnings report. Musk said he wanted the platform to be “as broadly inclusive as possible, where ideally most of America is on it and talking,” and as trusted as possible.

The billionaire also said he would make Twitter transparent about how tweets are promoted or demoted and wanted its software to be publicly available for critique.