Twitter to launch new features in a bid to double annual revenue in 2023

In a bid to double its annual revenue in 2023, Twitter Inc. announced on Thursday it will introduce new features and products on a fast-paced track to rejuvenate its business after years of idleness.

After the announcement, Twitter stock improved 3.9% to close at $74.71, following an all-time high of $80.75.

The social media giant laid out its plans which include tipping and paid subscriptions to “super follow” some accounts, in a bid to generate around $7.5 billion in annual revenue and 315 million monetizable daily active users (mDAU), or those who see ads, by the end of 2023.

According to Twitter’s spokesman, the super follow feature, which allows users to charge followers for access to exclusive content, will be launched later this year.

Additionally, Twitter intends to build more ways for people to have conversations by adding the ‘Spaces’ feature, a platform that will enable hosting live audio discussions. The social media network also plans to integrate ‘Revue’, a feature that will allow people to share longer-form content.