Facebook parent Meta Platforms Inc. is creating a new division to focus on bringing paid features to Facebook, Instagram, and WhatsApp, TheVerge reported.
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Other tech companies which are testing or have rolled out paid features and tiers include Twitter, Snapchat, TikTok, Discord, and Telegram.
Paid Facebook users will still not have the option to turn off ads, confirmed Meta’s head of ads and business products, John Hegeman.
Meta is largely dependent on revenue generated from ads, a stream hurt by worldwide inflation, fears of an economic recession, and a need for tighter budgets across businesses.
Facebook’s Q2 report released on July 27 revealed a 1% drop in revenue from around $29 billion in the second quarter of 2021 to $28 billion in 2022.
Meta’s ad revenue was also affected by Apple’s App Tracking Transparency feature, which was launched with iOS 14.
Facebook, WhatsApp, and Instagram already have some features that require users to pay, to access exclusive content or send media to specific users. Hegeman did not comment on what other paid features are in the pipeline for the three apps.
