Indeed, Elon Musk continues to make waves. After the introduction of X Blue, X’s paid subscription, the magnate is now considering a new possibility: turning the social network into a paid service.
Tesla’s CEO recently met with Israel’s Prime Minister, Benjamin Netanyahu, and discussed the possibility of X users paying a monthly fee to access and use the social network. Musk explained that he is considering this possibility but doesn’t yet know when or how this measure would be implemented.
Musk clarified that it would only be “a small amount of money,” and in his opinion, “this would be the only defense against the large armies of bots because AI is getting better and can already bypass CAPTCHA tests even better than humans.” It’s not a coincidence that Musk is considering these measures, especially considering the significant drop in advertising revenue that X has experienced over the past months.
X and its decline in advertising revenue
Following Elon Musk’s acquisition of Twitter, hundreds of advertisers stopped investing in the social network due to the abrupt changes brought about by his management. It’s been nearly a year since the purchase, and the financial results of what is now known as X are far from impressive. According to Bloomberg, between February and March 2023, X’s advertising revenue dropped by 89% compared to the period of September and October 2022.
As if this weren’t enough, Musk has also accused the Anti-Defamation League (ADL) of “boycotting” X. This organization focuses on defending the rights of Jews, and according to Musk, it has been making “unfounded accusations” about allowing anti-Semitic propaganda on the platform. Musk’s posts suggest that the boycott resulted in an additional 60% drop in advertising revenue.
While the future of X remains uncertain, many already have an idea of what would happen if the social network were to become a paid service.