Twitter, one of the most popular microblogging sites, is on the way to introducing a subscription-based model called Project Gryphon. The platform will begin testing the subscription-based model by Q4 2020.
Jack Dorsey, CEO of Twitter, said that due to a significant drop in the microblogging site's revenue generation, they plan to start testing a paid service on Twitter. Twitter-generated revenue fell 23% due to the ongoing pandemic in Q2 2020 from Q2 2019.
A job posting on Twitter was also discovered, asking applicants to work on a subscription platform called Gryphon. The list of jobs was published about two weeks ago. This made it clear that the Gryphon team will be made up of web engineers who will work with the Twitter payments team to design a subscription-based service.
As of now, Twitter is a completely free social media platform that earns money from ads. The addition of a Twitter subscription service will significantly boost the financial growth of the platform.
Previously, in 2017, Twitter was planning to launch a subscription service, but due to some limitations, the platform failed to do so. However, from now on, the microblogging site is ready to start testing the Gryphon subscription service project.
Apart from that, Twitter suffered one of the biggest attacks in the past week. Famous celebrity accounts like Bill Gates, Barack Obama, Elon Musk, Kanye West, Michael Bloomberg and Joe Biden have been hacked. In the tweets, the hackers asked people to send Bitcoins to random wallets.
According to the details, it was revealed that these wallets raised around $ 120,000 by following people. As soon as Twitter received the complaints, it immediately stopped all of the attacked accounts from tweeting.