Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Twitter plans to double revenue by 2023, teases new 'super follow' feature

Published 2021-02-25, 09:17 a/m
Updated 2021-02-25, 03:37 p/m
© Reuters. FILE PHOTO: The Twitter App loads on an iPhone in this illustration photograph

© Reuters. FILE PHOTO: The Twitter App loads on an iPhone in this illustration photograph

By Sheila Dang and Elizabeth Culliford

(Reuters) - Twitter Inc (NYSE:TWTR) will launch new features and products faster to catch up with rivals in a plan to double annual revenue and reach a least 315 million users in 2023, it said on Thursday, boosting its shares 5.6%.

"We know we've been slow," Chief Executive Jack Dorsey said in an investor day presentation. "When you compare us with our peers, it's been especially stark."

The social media network estimated annual revenue of at least $7.5 billion by the end of 2023.

Twitter shares were up more than 4% at $75.16 late Thursday afternoon, after reaching an all-time high of $80.75.

Twitter said it was exploring new money-making features, including tipping and paid subscriptions to "super follow" some accounts. The second feature, which lets users charge their followers for access to additional content, will launch this year, a spokesman said.

The site, typically used to broadcast short messages to a wide audience, is also working on building more ways for people to have conversations, it said.

This includes 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.

Kayvon Beykpour, Twitter's head of consumer product, said creators would be able to customize communities, including setting and enforcing "social norms" beyond Twitter's rules.

The efforts are designed to help Twitter reach its goal of at least 315 million monetizable daily active users (mDAU), or those who see ads, by the fourth quarter of 2023, and stay ahead of wildly popular but smaller apps like ByteDance's TikTok, which have quickly attracted a worldwide audience through its viral videos.

Internationally, Twitter faces challenges in India, a rapidly growing market with plans to require that social media companies erase certain content and coordinate with law enforcement.

© Reuters. FILE PHOTO: The Twitter logo displayed on a screen on the floor of the NYSE

Twitter had previously refused to delete content connected to farmers' protests in India.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.