This file illustration photo taken on Aug 5, 2022 shows a cellphone displaying a photo of Elon Musk placed on a computer monitor filled with Twitter logos in Washington, DC. (PHOTO / AFP)

Twitter Inc CEO Elon Musk said on Friday that the social media platform will take a 10 percent cut on content subscriptions after the first year, as the company looks to monetize content on the website in a bid to diversify its revenue sources.

Earlier this month, billionaire owner Musk said users of the social media platform will be able to offer their followers subscriptions to content, including long-form text and hours-long video.

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He had also said that the company will not take a cut for the first 12 months on content subscriptions.

Musk has been bringing in changes at Twitter to boost revenue after the platform saw advertising income drop last year in the run up to his $44 billion acquisition that closed in October.

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He added that the company's cut from subscriptions on iOS and Android platforms will drop to 15 percent in the second year from 30 percent in the first.