Twitter, one of the most popular microblogging sites, is on its way to introduce a subscription-based model named Project Gryphon. The platform will start testing the subscription-based model by the fourth quarter of 2020.
Jack Dorsey, Twitter CEO, said that due to a significant decline in the revenue generation of the micro-blogging site, they are planning to start testing a paid service on Twitter. The revenue generated by Twitter fell down by 23% due to the ongoing pandemic in the second quarter of 2020 from Q2 2019.
A job opening on Twitter was also discovered which asked candidates to work on a subscription platform named Gryphon. The job listing surfaced around two weeks ago. It clearly showed that team Gryphon will be a bunch 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 makes money from the ads. The addition of a subscription service to Twitter will boost the financial growth of the platform to a great extent.
Previously in 2017, Twitter planned to launch a subscription service but due to some limitations, the platform failed to do so. However, as of now, the micro-blogging site is all set to start testing the subscription-based service project Gryphon.
Apart from that, Twitter suffered one of the most highlighted attacks last week. Accounts of famous celebrities like Bill Gates, Barack Obama, Elon Musk, Kanye West, Michael Bloomberg, and Joe Biden got hacked. In the tweets, the hackers asked people to send Bitcoins to random wallets.
As per the details, it was revealed that these wallets raised around $120,000 by following people. As soon as Twitter received the complaints, it immediately restricted all the attacked accounts from tweeting.