Twitter is planning an advertising-free version of its subscription product, as the company attempts to raise revenue and increase demand for its premium offering.
Elon Musk has targeted an increase in subscription revenue as a key part of the social media platform’s business plan under his ownership.
The Tesla chief executive tweeted: “There will be a higher priced subscription that allows zero ads.” Twitter relaunched its premium offering for the second time under Musk in December, offering users perks including verified account status for $8 (£6.50) a month on the web or $11 a month for iPhone and Android phone users.
Advertising accounted for 90% of Twitter’s revenue in 2021 but has fallen away since Musk bought the business last October, with daily revenue reportedly dropping 40% compared with last year.
Advertisers including the carmaker Audi and the drugs firm Pfizer have paused spending on Twitter amid fears of a rise in hate speech on the platform, compounded by a botched revamp of Twitter Blue in November that led to pranksters paying for verified status in order to launch fake corporate accounts.