At its annual shareholder meeting on Monday, embattled social media giant Twitter Inc CEO Jack Dorsey spoke to investors about the potential for a premium service in the future.
When asked if the company would consider a some kind of pay service, Dorsey responded that Twitter has been looking into it for quite some time, but they just aren’t ready yet. Here’s his full reply:
“Yeah so this has been kicked around for quite some time. We do believe that there is a real importance that Twitter is accessible to everyone in the world no matter what their economic stature is and where they are in life, so the general case has been to make Twitter free and open. We’re always talking with our customers around what could be and what they’d like to see, and this is an idea that has come up. We don’t have any particular plans to announce today but we’re always looking at those patterns, that feedback and understanding if it’s the right thing to do for the greater Twitter audience.”
Rumors have circulated for months that Twitter was preparing to launch a premium version of its Tweetdeck app, but so far nothing has come to fruition there.
Unlike rival Facebook Inc , Twitter has struggled to achieve meaningful user or revenue growth over the past year or so. The result has been catastrophic to TWTR’s share price, which currently sits some 60% lower than its IPO day closing price (the stock began trading publicly in November 2013).
Twitter Inc shares were trading at $18.43 per share on Monday afternoon, up $0.08 (+0.44%). Year-to-date, TWTR has gained 13.07%, versus a 7.62% rise in the benchmark S&P 500 index during the same period.