Twitter has announced the launch of new features and products to refresh its business as it aims to double its annual revenue in 2023.
This comes as the social media giant’s stock rose 3.9% to close at $74.71, after hitting an all-time high of $80.75.
“Why don’t we start with why folks don’t believe in us,” said Chief Executive Jack Dorsey at the start of Twitter’s virtual investor day presentation. “It comes down to three critiques: we’re slow, we’re not innovative, and we’re not trusted.”
The tech giant outlined plans including tipping and paid subscriptions to “super follow” some accounts, to attain at least $7.5 billion in annual revenue and 315 million monetizable daily active users (mDAU), or those who see ads, by the end of 2023.
The “super follow” feature, which lets users charge followers for access to exclusive content, will launch this year, a spokesman said.
Other features include hosting live audio discussions using its ‘Spaces’ feature, which is being tested with about 1,000 users, and letting people share longer-form content using Revue, a newsletter publishing service Twitter acquired last month.
It is also considering allowing “communities” to be created for particular interests.
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