Twitter users can now earn money from their accounts

Elon Musk is allowing Twitter users to earn money from their accounts. Twitter has recently struggled with efforts to monetize its platform.

Twitter is allowing users to charge for access to their content, "from longform text to hours-long video," according to Elon Musk, who owns the company.

Musk stated that Twitter will not keep any of the money users earn from subscriptions for the first year. Users will keep at least 70% of their subscription revenue on mobile, after accounting for app store fees. Musk did not go into detail about the plan's technical details.

Musk is competing with Substack, a newsletter company, with similar money-making options, in order to make it possible for people to make money from their Twitter accounts. Meanwhile, Substack is starting to resemble Twitter. The site recently introduced Notes, which allows users to post to a public feed. Twitter temporarily disabled likes, replies, and retweets if a tweet contained a Substack link earlier this week.

The changes could either entice more content creators to join the platform or keep them from leaving. Although Twitter will not take a cut of users' subscription revenue for the first year, this could be a move to generate more revenue in the future