The Subscription Model & Web2: Did The Evolution Happen Too Early?
It's surprising to know that when Elon Musk Took Over bought Twitter, the argument was whether it was about free speech or power; being able to use Twitter as a voice to act as the ultimate and world's most powerful influencer and everyone completely forgot about the "money" aspect.
I think the reason why people completely ignored the money aspect was that he's one of the wealthiest people alive and more money might not mean anything to him.
I feel that before the man bought Twitter, he had already done the maths, and mapped out a business strategy where he could turn it (Twitter) into "the" ultra-modern money-making machine.
This is just the first idea of monetization.
First of all, the man has cut off expenses relating to SMS verification. So he's smartly cut off any cost that wouldn't directly yield any profits to Twitter, diverting any of such costs to Twitter users, and while he finished doing this, he's now moved on to his first phase of monetizing Twitter for himself.
You cannot blame him. Amidst all the covers of being a space enthusiast to being a crypto lover, a person who reads between the line will only see that Elon Musk goes where the money is.
While people still see him as a glorified idealist that's going to change the world, he's just a capitalist who's tapping into the most lucrative sectors to make himself the wealthiest man in the world for a very long time.
It's the long game for me
His space tours are mainly for futuristic money gains
While his adventure into crypto is the same. He's trying to become the "pump-&-dump" kind of influencer. I mean, we all know the impact of a social space like Twitter on crypto, owning the platform like it was going to give him that influence to pump a coin if he decides, and also cash out big if he decides to.
He did it with joy and it took a long time before people saw that he wasn't really in for the crypto innovation, but to keep lining his already fat pocket. It's no longer news, Twitter has now adopted the subscription monthly model of $8 for the blue tick and people are doing the normal thing they should do: revolt.
I believe it's just a phase
a lot of important people have kicked against the idea, but in reality, this is only the denial stage and they'll eventually go on to pay this money throughout their lifetime.
Let's face it, these people are still considering the consequences of being subscribed to 8$ per month for life, what they haven't considered is the consequences of not having the blue tick.
I mean, Elon knows that these guys value their social standing: politicians, influencers, and models know the value of being socially relevant, and while they might think that the blue tick doesn't matter, they'll eventually pay for it because of the consequences or the social value degradation that might come due to not having it.
Elon Musk is paid for life and whether you like it or not, he's eventually going to become the undisputed wealthiest person in the world
Why not?
Do the maths. I mean if Elon wasn't really after money, what he could have done was make the subscription a one-time thing. For example, if he charged let's say, $200 for a one-time verification fee, there might be raised eyebrows, but people will eventually pay without complaints because it's a one-time thing.
But he's chosen to make it monthly, he wanted to create the illusion that $8 is a small fee, but over time, people will be paying crazy money, but since it's 8$ and monthly it'll be difficult for an individual to know how much they're losing because it's money not accountable for.
This is only the first phase, I mean there might be some special verification in the future with added advantages, he could still raise the cost of this verification over time.
One thing about subscription models is that when you're in, you'll have to continuously pay no matter how much the fees are raised, because of the dependability attachment, people will continuously pay. The question now remains; has Elon Musk opened the floodgates for all web2 platforms to adopt this model? Time will tell.
I think the idea of web2 is: recruit the masses for free, make them dependent on the app, then ask them to pay to continuously use it
This is the evolution of web2 it's just that Elon Musk has decided to be an early pioneer. I don't know if Meta will adopt this as well, but what I do know is that these apps will eventually evolve into a payment system. While it might not be as money-grabbing as Elon's own.
I still believe that he's (Elon Musk) inadvertently began the evolution, even if I think it's starting too early. Criticize him all you want, but he's spearheading the evolution of web2, somebody has got to start it, and he's chosen to be the one.
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I don't like the model of subscription that much but I do think that is probably one of the ways to avoid relying on the current system. There are so many things with subscriptions now that it's kind of crazy. Just look at the streaming services and there is no way I would spend to buy every single service. At some point, the money just adds up and I don't think Elon's Twitter provides enough value for the money that he asks for.
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He doesn't really provide enough value for the Money he's asking for, I just think he wasn't to triple or quadruple his 44B investment, and there's nothing really new, special or even innovative, just planning more ways to milk Twitter users.
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It's funny how after reading this, I took time to really look at your ending banner. Like I've always seen it but now I'm beginning to understand the whole finance psychologist thing. It's not just about being a finance geek but delving into the mind and working of the financial world. You've thoroughly dissected the whole finance scheme of Elon and even though I was always wary of this whole Twitter take over, I completely understand it the purpose behind it now.
Thank you, well, finance is my thing. over time it's been very exciting to delve into financial intricacies and look at the psychological angles to them. I feel like the psychological aspect of money carries a lot of weight and looking at that angle is always important.
As for Elon Musk, I think we all know that the intentions of a capitalist is to make more Money, it's their default fetish.
I'm glad you can understand a lot about his Twitter takeover.
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You're right. Maybe they are philanthropic but at the end of the day, we know what the expected end result is. And I also know that the psychology of anything is the foundation so you're more or less expert at the core of finance. Thanks for sharing.
Elon hasn't even paraded as a philanthropist before, but people expect him to be because he's wealthy. But at the end of the day, all he just wants to do is be the wealthiest man ever. Money is just the goal.
I am not aware the SMS verification has been discontinued on Twitter, it is becoming evident Elon is up to merging Twitter with finance, the recent Etoro partnership is of the subsequent moves that will follow and it is likely other Web 2 social platforms will follow suit
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It has been discontinued for normal users, except blue tickers and that's because these guys are paying. I think the idea is to spend less and earn more. So he's even sacking a lot of people, so he wouldn't have to incur expenses.
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It's a strategic move that will pay dividends for years to come. Many people are becoming attached to their social media persona so they will pay the subscription fee eventually. For Elon, Twitter is a gold mine that he is just beginning to explore.
Exactly, many people are already attached to their accounts, so it makes it really difficult for them not to pay. Even Elon Musk already knows this. So he's aiming to cash out big.
After reading this, I have to hand it to him, his genius.
He knows how to make the money
Yea.
Web2 platforms are going to head in this direction eventually. It's like Apple starting a trend on their phones and other manufacturers follow suit. In the end, many people will be paying for that "identity" that web2 platforms will sell to them.
Something really bugging about all this is that this new subscription model doesn't even mean buying the complete ownership of your accounts. I mean, they (the platforms) can still do what they want when they want, like banning a user or deleting their tweets.
It's true, these guys can still do whatever they want with your account, even ban you or delete your account, even with the subscription plan you have on that account. I know about how apple started that model, YouTube followed and other streaming service followed as well. These guys just want people to pay. The first beg you to sign up and when you do, they eventually ask you to pay to remain there.
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Elon is a genius and I believe this is the beginning of something big it is normal we have people rebelling but they will come back when the picture is clear.
That's just it, he knows people will pay, the initial agitation will soon die.