Twitter: X marks the spot for Elon Musk’s growth plans
Image credit: latimes
According to a presentation to potential Twitter investors viewed by The New York Times (NYT), Elon Musk wants to grow Twitter’s income fivefold to $26.4 billion (£21.4 billion) by 2028.
Last year, Twitter generated $5 billion in revenue. The document also outlines plans to launch X, a new service with a nine-million-member objective in its first year and 104-million by 2028.
The aims are “extremely tentative given the status of global and industry relations,” according to tech sector analyst Kyle Rees.
The findings, according to the New York Times, were made in a “pitch deck” delivered to investors “in recent days.”
Mr Musk appears to believe that the number of Twitter users will increase from over 200 million last year to over 900 million by 2028.
According to the document, Twitter’s workforce will rise by 3,600 people by 2025. However, according to the New York Times, the worker size is likely to fluctuate in the near future.
Mr Musk recently tweeted that employees should expect “high, but much less than I require of me” work ethic expectations.
According to the New York Times, advertising will account for almost 90% of Twitter’s earnings in 2020.
Subscription services are expected to play a significant role in increasing Twitter’s revenue, which is expected to reach over $10 billion by 2028.
The document says that part of that income will come from an intriguing new product named X, the details of which have yet to be revealed.
The number of Twitter Blue customers is also expected to rise to 69 million by 2025 and 159 million by 2028.
For a $3 monthly membership, Twitter Blue offers users in countries where it is available features like an undo tweet button and ad-free content.
“Most of these targets appear predicated on boosting platform users and subscribers,” said Mr Rees of Gartner, a marketing research firm.
“Here’s an entrepreneur who has a track record of entering businesses that favour incumbents and successfully challenging the existing quo,” he noted.