X to launch two new premium subscriptions

Elon Musk has announced that two new tiers of X Premium, earlier known as Twitter, subscriptions will be commencing soon. This announcement was made by the X owner via a tweet on the platform.
The two tiers will be differentiated by advertisements. One of the options will cost less but will not have a reduction in ads, while the other will be more expensive and will block all ads. The exact costs of each tier are yet to be confirmed.
This announcement comes as no surprise, since Musk has already started charging a few countries for basic access. This can be due to the fact that the ad revenue of X had fallen by 59%, and the company has been eagerly exploring new ways to generate revenue. Earlier this week, the company started charging new users $1 in New Zealand and the Philippines. Users who don’t opt to subscribe and wish to use it for free will only be able to read the content. Non-subscribers will not be able to interact with the tweets or write their own. They will only be able to watch and read content and follow users.
The platform has been in the news and gone through its ups and downs since Musk’s takeover last year in October.
X is not the only platform that’s shifting to different paid models, with most players now moving from a growth-based strategy to a more profitable strategy.
Earlier in the year, Meta also rolled out a subscription model for its blue ticks on its platforms. Netflix also indicated a hike in prices for its ad-free model and opted to create a free advertising-based video-on-demand model for its users.