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Business News of Friday, 24 July 2020

Source: MyNigeria

Twitter considers subscription options after revenue from ads dropped

Twitter CEO, Jack Dorsey has said that the social media platform is considering adding subscription options after it recorded a drop in its revenue from ads.

Dorsey disclosed this on Thursday during an investor's conference call.

"You will likely see some tests this year," Dorsey said.

Dorsey also said he has "a really high bar for when we would ask consumers to pay for aspects of Twitter," but clarified that the company is seeking other means to bring in revenue that are in "very, very early phases of exploring."

"We want to make sure any new line of revenue is complementary to our advertising business," Dorsey continued.

"We do think there is a world where subscription is complementary, where commerce is complementary, where helping people manage paywalls ... we think is complementary."

This comes days after a major security breach gave hackers access to the account of public figures.

Some of those whose accounts were hacked included Joe Biden, Barack Obama, Elon Musk, Bill Gates, Jeff Bezos, Kanye West, Uber, and Michael Bloomberg etc.

Apologizing at the conference call for the breach, Dorsey said, "We feel terrible about the security incident.

"Security doesn't have an end point. It's a constant iteration ... We will continue to go above and beyond here as we continue to secure our systems and as we continue to work with external firms and law enforcement."

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