The thorny problem of how creative people might get paid for content they put online has persisted for the best part of 20 years.
Jack Conte, chief executive of creative content platform Patreon – one of the companies seeking to solve that issue by encouraging subscription payments to creators – sees those past two decades as a period when distribution was thoroughly figured out, but the economics remained elusive.
“The next 20 years is going to be [about] rebuilding the financial engine to get creative people paid,” he said in a recent podcast interview.
[These features] will allow creators and publishers to be directly supported by their audience and will incentivise them to continue creating content that their audience loves
Twitter
Today, across the web, you can see that challenge being tackled head on. Social media platforms such as Instagram and Facebook are introducing new ways for creators to be paid for their music, jokes, advice or expertise.
Whole platforms, such as Substack, have been built on this single idea: audiences paying creators directly for what they do, rather than clicking on adverts to generate meagre pocket money.
Twitter is now launching two new features which seek to capitalise on this trend. Super Follows allows creators to accept subscription payments through the platform in return for exclusive content. Ticketed Spaces, meanwhile, expand Twitter’s burgeoning Spaces feature – essentially an audio chatroom, not dissimilar to a live podcast – to allow charging for admission.
“[These features] will allow creators and publishers to be directly supported by their audience and will incentivise them to continue creating content that their audience loves,” said Twitter.
Super Follows is being tested in the US, with a view to launching globally. To join the scheme you must be at least 18 years old, have 10,000 followers or more and tweet regularly (at least 25 tweets in the previous 30 days). If your application is accepted, you could charge people $2.99, $4.99 or $9.99 a month to become your Super Follower. But what do you give them in return?
“It could be tweets, it could be DMs [direct messages]” said Kayvon Beykpour, product lead at Twitter, on The Verge podcast. “It could be subscriber-only Spaces. It could be subscriber-only newsletters. Think of it as stitching together all the current and new and upcoming forms of content that someone can create on the platform, and really having this new subscriber layer – a new community, essentially.”
This idea of community is central to Twitter’s new initiatives. Like Patreon, it believes that it isn’t about the quantity of content an audience member might get for their $2.99, but more about them recognising and rewarding creators whose work they value.
Ticketed Spaces has a similar community thrust: creators can charge a ticket price of between $1 and $999 in order to connect with their followers using voice, rather than the strict limits of a 280-character tweet.
Spaces has clear parallels with other new audio platforms such as Clubhouse and Greenroom, but Twitter is the first to offer paid admission (as opposed to a tipping feature), and Beykpour said that it’s “fundamentally Twitter”, for good or bad. It just has a new wrapper.
“I think the rise of this audio renaissance that’s happening right now is interesting,” he said. “[Having] serendipitous conversations with people, but doing it in a way that is synchronous rather than asynchronous, and powered by the human voice.”
After many years of remaining fairly static as a platform, these two new initiatives are part of a suite of features being added to Twitter as the firm seeks new revenue streams, including the forthcoming Twitter Blue subscription service, which is rumoured to include new features such as “undo tweet”.
Advertising accounted for 86 per cent of the platform’s revenue in 2020, according to Twitter's annual financial report, but a feature such as Super Follows could, if it works, net a new income stream for the firm, as well as the creators they’re trying to support.
Twitter will take 3 per cent of the first $50,000 in revenue (that’s after Apple and Google’s inevitable commission on in-app purchases), which increases to 20 per cent thereafter.
But the jury is out on whether it will work. One of the attractions of Twitter over the years has been its level playing field, enabling people in and out of the public eye to freely converse in a way they were never able to before.
Putting content behind a paywall could create a platform that’s far less egalitarian; more of a “them and us” scenario, where some people broadcast and the rest listen.
Creators may also have to get used to smaller audiences. Currently, Twitter can direct thousands or millions of people to viral tweets in a very short space of time, but charging will hugely restrict its visibility. It’s a reiteration of the burning question at the heart of the creator economy: do you want exposure or do you want to be paid?
Some percentage of your super fans will totally be willing to pay for content that is exclusive
Kayvon Beykpour,
product lead at Twitter
Lastly, there’s the ever-present question of whether people will want to pay for things they’ve traditionally had for free – particularly when there’s a massive oversupply of things for us to read, watch and listen to.
Bekypour’s take is, naturally, a positive one: “You have a tremendous amount of incentive to create some form of content for all to see, because that’s how you build an audience. And then some percentage of your super fans will totally be willing to pay for content that is exclusive.”
Patreon has shown that the idea of a closer community yielding a financial pay-off can work, but when YouTube tried it – with paid channels, fan funding and channel memberships – none caught on. Patreon’s Conte believes that enabling a flourishing, financially rewarded creative sector is really down to trust in the platform itself.
Whether we trust Twitter to successfully mediate between talent and audience is something that the next few months will slowly reveal.
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
New Zealand squad
Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Match info
Karnataka Tuskers 110-3
J Charles 35, M Pretorius 1-19, Z Khan 0-16
Deccan Gladiators 111-5 in 8.3 overs
K Pollard 45*, S Zadran 2-18
Netherlands v UAE, Twenty20 International series
Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen
Tuesday, August 6 – Third T20i, Voorburg
Thursday, August 8 – Fourth T20i, Vooryburg
The specs: 2019 Jeep Wrangler
Price, base: Dh132,000
Engine: 3.6-litre V6
Gearbox: Eight-speed automatic
Power: 285hp @ 6,400rpm
Torque: 347Nm @ 4,100rpm
Fuel economy, combined: 9.6L to 10.3L / 100km
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
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A list of the animal rescue organisations in the UAE
Honeymoonish
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Result
Tottenhan Hotspur 2 Roma 3
Tottenham: Winks 87', Janssen 90 1'
Roma 3
D Perotti 13' (pen), C Under 70', M Tumminello 90 2"
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)