In a recent report by the New York Post, it has been revealed that Elon Musk's social media platform, X, is set to introduce two new paid subscription plans. This news comes at a time when the platform is reportedly experiencing a significant decline in web traffic.

Musk, who acquired X for a staggering $44 billion last year, took to the platform on Friday to announce the upcoming launch of "two new tiers of X Premium subscriptions." However, he did not provide any specific details about the features or pricing for these new plans.

In a bid to increase revenue, X has also started charging new users in New Zealand and The Philippines a nominal annual fee of $1 to access basic features such as posting and interacting with other users. Musk sees this fee as a necessary measure to combat the rise of bots while minimizing disruption to genuine users.

Since Musk took over as the owner, X has undergone several controversial changes. Content moderation standards have been relaxed, and the platform has undergone a rebrand, bidding farewell to Twitter's famous "blue bird" logo. Headlines and text have also been removed from news article posts.

Amidst these changes, X has witnessed a significant exodus of corporate advertisers. To counter this, the platform has been moving towards a subscription-based model. Currently, X offers a single subscription tier for $8 per month, which includes premium features such as account verification, post editing, and the ability to share longer tweets and videos.

Despite Musk and X CEO Linda Yaccarino insisting that X is experiencing record usage, recent data tells a different story. According to a report by data analytics firm SimilarWeb, global web traffic to Twitter.com dropped by 14% in September compared to the same month last year. Additionally, traffic to X's advertising platform, ads.twitter.com, witnessed a significant decline of 16.5%.

In comparison, the top 100 social media networks and communities experienced a more modest 3.7% decline in traffic during the same period, while X's main competitor, TikTok, saw a surge of 22.8% in global web traffic.

Interestingly, while X's traffic falters, Musk's personal account page has seen a remarkable 96% increase in traffic year-over-year. The billionaire actively engages with users, shares important updates about his various companies, and even expresses his opinions on a wide range of topics.

As X faces the challenge of declining web traffic, it remains to be seen whether the introduction of new subscription tiers will be enough to turn the tide. Users, on the other hand, appear to be skeptical of Musk's approach, as evidenced by the decline in traffic to the platform.