Twitter appears to be building a subscription-based platform for its social network.
The company recently posted a job listing revealing that Twitter has a new internal team using the code name “Gryphon” that is “building a subscription platform”. The social media platform is recruiting engineers to join Gryphon while working closely with the payments team.
Twitter has been generating a majority of its revenue through ad sales and data licensing. However, Chief Executive Officer, Jack Dorsey is under pressure from activist investors to accelerate the platform’s business.
A subscription service offering additional special features to the most for frequent users could boost revenue especially at this time when advertising budgets are at a low.
This will not be the first time that Twitter is considering offering a payment service. In 2017, the company sent out a survey to its users including a preview of what a premium offering of its tweet-deck app might look like, with alerts, breaking news and more analytics.