Twitter (TWTR) Launches Subscription Service 'Twitter Blue'

Twitter (NYSE: TWTR) today launched Twitter Blue, a new subscription-based service for users who want to pay a monthly fee to gain access to exclusive features.

Twitter said advertising represents over 86% of its revenue, according to the companies Q1 financial report, and Twitter Blue is its first subscription-based product that could diversify the company’s revenue streams.

Twitter Blue will launch in Canada and Australia and charge $3.49 and $4.49 in local currencies per month. It remains unclear when Twitter Blue will launch in the United States. The U.S. cost will be $2.99 per month.

Twitter also announced its new goals earlier this year and expects to acquire 315 million monetizable daily active users and boost its annual revenue to $7.5 billion by the end of 2023.

Users who subscribe for Twitter blue will gain access to a new Undo Twitter feature that lets them set a customizable timer of up to 30 seconds to withdraw a tweet if it needs to be edited. While many hoped that Twitter should include an edit feature, the Undo Twitter button allows subscribers to preview what their tweets look like and change them prior to publishing.

Other features included in Twitter Blue include Bookmark Folders, Reader Mode, as well as other perks including a customizable Twitter app icon on subscribers’ phone screens.

Shares of Twitter climbed 2.3% on the announcement.

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