ESPN named the first sports publisher to hold a ticketed Twitter Space
ESPN is a well-known brand, and it is now well-known for being the first publisher to host a ticketed Twitter Space, letting followers pay US$0.99 for access in the case of cancer research. Last year, Twitter introduced Spaces, which allows us to create audio chatrooms focused on a single topic. This intriguing function is available to all platform users. However, for the time being, the platform is still testing other capabilities with a limited range of users, such as the ability to charge entry and limit participants.
ESPN’s Space is part of the company’s annual ‘V Week’. During this week they will raise awareness and funds for the V Foundation in support of cancer research. With this announcement, a number of ESPN’s on-screen personalities, including Jay Bilas, Seth Greenberg, and Mike Greenberg, will take part in its Space, with all sales benefiting the V Foundation.
Even though this particular Space is for a noble cause, Twitter believes its service provides a new way for the sports business to monetize audio-related material on digital platforms. ESPN is both the first publisher and the first sports organisation to employ the ticketing tool. Although they are still in the early stages, they want to someday become an extra source of cash for both content creators and Twitter itself.
The rise of Twitter
It has taken some time for the social media platform’s success and influence to be a viable economic strategy. This timing may be due to diverse reactions to the introduction of new services. Vine, a short video service, was dropped after a few years. Other services including Fleets also had a relatively short shelf life. However, there is a ray of hope as they have had some success in generating new services to monetise their user base and are now profitable.
The launch of Twitter Spaces last year was a response to the growing popularity of social audio. The rising popularity of Clubhouse in early 2020 contributed to this development. For the past two months, Twitter has been testing ticketed Spaces, allowing users to charge between US$1 and US$999. Twitter receives a commission on each ticket sold, but users will retain 80% of their earnings if the capability is made fully available to the public in the future.