Twitter is launching Twitter Blue, a new subscription service that lets paying users undo tweets and more, for users in Australia and Canada.

Following nearly a year of speculation, the social media platform said its premium service of “power features” — which also a reader mode for digesting long threads of tweets — was developed based on feedback it received from Twitter power users.

The company said Twitter Blue subscribers in Australia will be able to get the premium service at a monthly rate of $4.49, although the current offering only represents the “initial phase” of the service.

“We are developing and iterating upon a solution that will give the people who use Twitter the most what they are looking for: access to exclusive features and perks that will take their experience on Twitter to the next level,” Twitter said in a blog post.

While the company insists that the free version of Twitter “is not going away, and never will,” Twitter Blue features include:

• Bookmark Folders that let users organise the Tweets they’ve saved.
• A customisable timer of up to 30 seconds to click ‘Undo’ before a Tweet is posted.
• The ability to turn threads into easy-to-read text.

Other Twitter Blue features include customisable app icons for a user’s home screen on their device, colour themes for the Twitter app, and access to dedicated subscription customer support.

Twitter Blue, which will launch in the US later this year, comes as Twitter has recently introduced features including Spaces, the social media platform’s response to audio chat hit Clubhouse, a Tip Jar, which allows users to send money directly to their favourite accounts, and Fleets, where users can share text, photos and videos that disappear in 24 hours, similar to Snapchat.