But the mega $44 billion investment is not exactly giving what he may have wanted as new data suggests the app’s early birds have canceled subscriptions.
Those considered loyal patrons have opted to bid farewell as they aren’t keen on what Musk has to provide. Therefore, we’re seeing subscriptions decrease instead of increase and it’s not what investors were hoping for, let alone Musk himself.
The Blue Subscription was unveiled last year in the month of November. The app has only been able to turn around 640,000 users of the platform into making payments. That also came with its fair share of drama as some who weren’t paying were still provided legacy blue ticks so people were confused.
But the lackluster remains and why are people leaving the app is still a mystery that baffles Musk even though his decision-making might have a huge thing to do with it.
Data proved how from the 150,000 early subscribers of the platform, nearly 68,157 stuck around and they maintained the payments. It was ranging between $8 to $11 per month when using your smartphone.
Moreover, the complete number of early subscribers was directly related to leaks published internally by the top media outlet Washington Post. It proved how in the previous year, there were a staggering 150,000 users that signed up on the app at the start. But after the launch of it in November, a few days later, we saw people canceling the signups and opting out within less than a month’s timeframe.
The signup was only temporary as the intention of quite a few was to just impersonate several huge brands on the app. So when we really put things into perspective, a staggering 55% of the people who made subscriptions are no longer there and that is a huge rate. Why did so many people unsubscribe so quickly, it’s mindblowing.
Meanwhile, one study that was published in the past year by a management firm for subscriptions proved how the average yearly rate of people leaving online subscriptions of leading apps ranged between 5 to 6% but this is huge.
There are definitely some major additions to this information as we know there are still some who continue to remain subscribed without any additions. Moreover, it’s very much possible that some users ended up canceling or allowing the subscriptions to lapse with time but we did witness them coming back at a future date.
Additionally, it’s quite possible that a small portion of people that showed up as a subscriber ended up canceling because the app is giving it for free. That’s a rare case but we need to consider it too when looking at the figures.
For instance, there are reports of ex-Twitter subscribers trying to get out of the subscription but it not working in their favor, as they’re provided the tick again, and that too, free of cost.
The reason might be linked to the fact that there’s a poor retention rate as people are not feeling that this app is giving too much in return. The features of Twitter Blue on offer are not enticing enough for premium users.
We know about the edit button and the feature linked to producing longer posts but does that really justify the huge price tag attached?
Clearly not and people are now voicing their concerns to Musk on the app publicly about how he needs to do something about it or face people leaving the paid Blue service.
H/T: Mashable
Read next: Twitter User Growth Doesn’t Add Up to Elon Musk’s Bot Account Claims
by Dr. Hura Anwar via Digital Information World
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