An Evercore analyst notes that Meta has a strong track record with its monetization initiatives across brands.

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Subscriptions are in the works, but Bluesky's 25-person team has a lot on its plate as it tries to foster a community where 'you get to choose what kind of timeline you're on,' says CEO Jay Graber.

“Since RPMs (ad revenue per thousand impressions) are very low on the platform – 2 to 4 cents per 1,000 views – you need a ton of views to make money with ad revenue,” Enfroy said.