Social media platform, Bluesky is set to create its own payment system, a process that could take at least 12 months. The company is also planning to introduce subscriptions early next year.
What Happened: In an interview with Buffer on Thursday, COO Rose Wang said that Bluesky aims to align its financial incentives with those of its users, creators, and developers.
She said, “As they're making more money, we should be making money, but if they're not making money, we shouldn't be making money.”
Wang explained that the goal is to facilitate payments within the app and across other platforms, increasing transaction volumes. Creators will retain most of the earnings, while Bluesky will take a percentage of the transaction fees.
“Coming is like 12 months. Payment systems take a while, but absolutely it’s things that we are prioritizing,” she stated.
Wang also spoke about the upcoming subscription model will offer users improved self-expression tools, such as custom icons and domains. However, core app features will remain accessible without a paywall.
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
Why It Matters: Several other social media platforms have also developed integrated payment systems to support transactions and enable monetization. For example:
Meta Platforms, Inc. META has Meta Pay, which powers transactions across Instagram, Messenger, and Facebook.
YouTube, owned by Alphabet Inc.'s GOOG GOOGL Google, provides monetization options like Super Chats, Channel Memberships, and tipping during live streams.
Elon Musk's X, formerly Twitter, is working on expanding its payment capabilities as part of its push to become a super app.
Bluesky, founded by Jack Dorsey, has been gaining traction, reaching nearly 25 million users by Dec. 10, 2024. Notable figures like Alexandria Ocasio-Cortez and Mark Cuban have contributed to its popularity.
Image via Bluesky
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
