More than half of Twitter subscribers have unsubscribed

Elon Musk may have made big claims about Twitter's Blue subscription plan, but the microblogging site is having a hard time retaining subscribers to him. According to the latest data, the Blue Tick seemed interesting to the subscribers initially, but now they do not find it useful when they subscribe to the plan. According to a report by Mashable, more than half of Twitter subscribers have unsubscribed. Initially, Twitter had 1,50,000 subscribers, but now as of April 30, only 68,157 subscribers have stayed. This shows that more than 80,000 users have cancelled their subscriptions.

As of the end of April, the Mashable report suggests that just 640,000 Twitter users had signed up for Twitter Blue, which is a relatively low count considering the service has been out for nearly six months.

But the biggest problem with Twitter Blue is the high churn rate among its first subscribers. Of the roughly 150,000 users who signed up for Twitter Blue within days of its November launch, only 68,157 are still paying for the service as of April 30. This means that 81,843 users, or 54.5 per cent, have unsubscribed.

Twitter Blue's high churn rate is worrying because it's an abnormally high rate for an online subscription service. The churn rate is the percentage of users who unsubscribe from a service. As per a study by Recurly, the overall annual average churn rate is only 5.57% for subscription-based businesses.

The reason for Twitter Blue's high churn rate isn't clear, but one possible explanation is that the service hasn't delivered enough value to its subscribers to justify the $8 or $11 monthly cost on mobile. Another reason could be the temporary disabling of new signups shortly after launch, which may have caused frustration among users who were unable to sign up.