Twitter has begun hiring people to work on new subscription platform, as the social media giant looks to move away from ad revenue, according to a mysterious new job listing.
A new job listing reveals that Twitter has a new internal team, codenamed “Gryphon,” that is “building a subscription platform.”
Twitter is currently recruiting engineers to join this subscription team, with employees collaborating closely with the company’s payments team.
The job posting notes potential Twitter subscriptions would be “a first” for the company, but it’s not clear exactly how Twitter plans to implement a subscription service.
‘We are building a subscription platform, one that can be reused by other teams in the future,’ reads the listing.
‘This is a first for Twitter! Gryphon is a team of web engineers who are closely collaborating with the Payments team and the Twitter.com team.’
Twitter generates the vast majority of its revenue through ad sales and data licensing currently, and a subscription service could potentially provide exclusive content in return for a monthly fee.
The shift into a subscription platform would be a great source of revenue for Twitter, as it currently relies on advertisements.
However, Twitter stocks closed 7.34 percent higher after news of the feature made its way to the public.