A new internal memo obtained by The Verge reveals that Meta is trying to create “potentially paid features” for Facebook, Instagram and WhatsApp.
The new chapter represents Meta’s first serious attempt to build paid features into its core social apps, all of which have billions of users.
The decision comes after Meta’s ad business was hit hard by changes to Apple’s iOS ad tracking and a broader decline in digital ad spending.
Meta’s vice president of monetization, John Hegeman, said in an interview with The Verge that the company is committed to growing their advertising business but they don’t want users to pay to turn off ads on their apps.
“I think we see opportunities to create new types of products, features and experiences that people are willing to pay for and are excited to pay for,” he added. He declined to elaborate on the paid features being considered.
Meta’s revenues come mostly from advertising, and while it already has many paid features in its apps, the social media giant has yet to make charging users a priority.
Meta creates a new section to develop paid features for Facebook, Instagram, WhatsApp
Vice President of Money @johnwhegeman Say Meta wants paid features to become a bigger part of the business over time. (No, you can’t pay to turn off ads.) https://t.co/2HJ2tvpxdw
— Alex Heath (@alexeheath) 31 August 2022
In July, Facebook reported its first year-over-year decline in revenue for the second quarter, down 1% to $28.8 billion, and the social network said growth could decline further in the next quarter. Net income (income) fell 36% from the previous quarter to $6.7 billion.
Facebook group admins can now be charged for access to exclusive content, and virtual “stars” can be purchased to send to creators. WhatsApp charges some companies to send messages to their customers, and Instagram recently announced that it may start charging creators a subscription fee to access exclusive content.
In June, CEO Mark Zuckerberg said the company would not cut transactions from paid features and subscriptions until 2024.
Source: Daily Mail
Source: Arabic RT