Twitter appears to be building a subscription-based platform for its social network.
The company recently posted a job listing revealing that Twitter has a new internal team using the code name “Gryphon” that is “building a subscription platform”. The social media platform is recruiting engineers to join Gryphon while working closely with the payments team.
Twitter has been generating a majority of its revenue through ad sales and data licensing. However, Chief Executive Officer, Jack Dorsey is under pressure from activist investors to accelerate the platform’s business.
A subscription service offering additional special features to the most for frequent users could boost revenue especially at this time when advertising budgets are at a low.
This will not be the first time that Twitter is considering offering a payment service. In 2017, the company sent out a survey to its users including a preview of what a premium offering of its tweet-deck app might look like, with alerts, breaking news and more analytics.
“We’re conducting this survey to assess the interest in a new, more enhanced version of Tweet-deck. We regularly conduct user research to gather feedback about people’s Twitter experience and to better inform our product investment decisions, and we’re exploring several ways to make Tweetdeck even more valuable for professionals.” A Twitter spokesperson said at the time.
Although there are no details as to how the subscription service may be set up, Twitter could be considering a Twitch or Patreon style type of subscription. This would allow users to subscribe to individual accounts.