X, formerly known as Twitter, is taking significant steps to retain users on its platform by investing nearly $20 million (over Rs 166 crore) in paying creators. This revelation was made by the CEO of X Corp, Linda Yaccarino. Starting in July, the social media platform initiated payments to creators for a portion of the advertising revenue they earned from ads displayed in replies to their posts directed at other verified users. Elon Musk, the owner of X, disclosed that the initial payment in July amounted to approximately $5 million.
Yaccarino shared her excitement about this initiative on X, stating, "Create. Connect. Collect all on X. We’re enabling the economic success of new segments like creators." She also added, "And so far we've paid out almost $20 million to our creator community."
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Under the newly launched 'ads revenue sharing programme' for creators, individuals in India and around the world have been receiving their share of ad revenue from the micro-blogging platform.
Eligible users can sign up and set up payments through the Monetisation section of the app. Clicking "Join and setup payouts" redirects users to Stripe, the payment processor, to establish an account for receiving their share. X clarified, "This Stripe account will be where you will be able to transfer funds to your external bank account." Once opted in, creators will receive regular payouts as long as they have generated more than $10.
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Furthermore, the company has also announced the discontinuation of Circles, a feature allowing users to curate a select group of up to 150 people for specific conversations. This feature functioned similarly to Instagram's Close Friends, permitting users to share posts exclusively with this chosen group rather than their entire follower list.
