The social media platform, Twitter has completed the acquisition of a startup called Scroll which is a subscription service that offers an ad-free news reading experience to its users. This is in time for the plan Twitter to build its own subscription-based service portfolio to boost revenue.
At the moment, Twitter has not taken the wraps off the numbers they offered to Scroll but has informed that they will bring the entire Scroll team of 13 members on board. The subscription model that Twitter will offer users will include a newsletter from Scroll tied with other services from the company itself. Scroll CEO Tony Haile says, “Twitter exists to serve the public conversation. Journalism is the mitochondria of that conversation. It initiates, energizes and informs. It converts and confounds perspectives. At its best, it helps us stand in one another’s shoes and understand each other’s common humanity.”
Scroll has informed that they will no longer accept new sign-ups but will keep the service running for existing users whereas the company’s offering Nuzeel which sends daily emails of top stories shared by people in user’s Twitter feed will stop its service on May 6. Twitter says that they will add the core elements from Nuzeel but the exact timeline has not been revealed yet.
Twitter says that if a user signs up for Scroll a portion of the revenue will be shared with publishers and the writers creating the content. Scroll currently serves other sites such as The Atlantic, The Verge, USA Today, The Sacramento Bee, The Philadelphia Inquirer, and The Daily Beast, and so on.
This acquisition is part of Twitter’s decision to diversify its revenue sources. Another offering from the company is called “Super Follow” which would provide its subscriber’s services such as exclusive content, subscriber-only newsletters, deals, badges, paywalled media, and much more. With these additions, the company expects to grow its revenue from $3.7 Billion in 2020 to $7.5 Billion by 2023.
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