Oakland, California – Twitter said on Tuesday that it had acquired Review, an email newsletter service.
The purchase, for an undisclosed amount, is part of Twitter’s effort to compete with other social media companies that allow users to make money from their following, as the newspaper industry gains a spike in popularity.
Twitter has stepped up aggressively over the past two months, as it expands its offerings beyond its core timeline product. In December, it bought Squad, a social video company, and acquired social broadcasting service Breaker to create it this month Audio chat On twitter
After advertiser spending during the initial weeks of the epidemic, investors pressured Twitter to develop revenue sources beyond advertisements. Its CEO, Jack Dorsey, told analysts in July that Twitter was “exploring very, very early stages” in alternative revenue streams, Membership products.
By November, Twitter executives were discussing the purchase of a newsletter company that competes with the review, The New York Times reported. A deal never came to light, and Hamish McKenzie, a Subtack founder, said A sale to Twitter was “not going to happen.”
Revue was founded in the Netherlands in 2015 and has six employees. For now, it will continue to operate as an independent service, but Twitter said it planned to integrate the review to “work natively within Twitter”.
Newsletter writers typically offer a mix of paid and free options and make money primarily through subscriptions. Platforms like Review and Substack cut those subscription dollars. But while the substack reduction is 10 percent, the review is 6 percent. Twitter said it would reduce the review cut further to 5 percent in an effort to attract new writers.
Twitter announced the product, stating, “Twitter is uniquely positioned to help organizations and writers grow their readers rapidly and from anywhere”. Our goal is for them to engage with their customers It’s easy to connect, while helping readers discover better writers and their content. “
Social media platforms such as TikTok, YouTube and Snapchat allow their highest profile users to earn revenue for creating popular content. But while these incentives can be highly lucrative and attract a dedicated base of content creators, platforms such as Twitter and Facebook have not traditionally offered users cash for content.
By giving users a way to earn money, Twitter aims to keep its users active on the platform and add to its revenue.