Twitter, on Tuesday, announced the acquisition of Revue, a newsletter platform aimed at writers and content publishers, for an undisclosed amount of money.
"Starting today, we're making Revue's Pro features free for all accounts and lowering the paid newsletter fee to 5%, a competitive rate that lets writers keep more of the revenue generated from subscriptions." Said the company in a blog post.
"Our goal is to make it easy for them to connect with their subscribers, while also helping readers better discover writers and their content. We're imagining a lot of ways to do this, from allowing people to sign up for newsletters from their favourite follows on Twitter, to new settings for writers to host conversations with their subscribers. It will all work seamlessly within Twitter," the blog post read.
After Twitter's announcement, shares jumped by 6% on Tuesday.
Revue allowed writers and publishers to send newsletters to 50 people for free while the paid version allowed publishers to send newsletters to 40,000 people. Twitter will reduce the fee cut to 5% from the earlier 6%.