Meta has announced upcoming paid features for its suite of social media apps, Facebook, Instagram, and WhatsApp, joining the class of premium subscription service providers.
The company is forming a new division that would be known as New Monetization Experiences to oversee this endeavour. It will be part of the new money-making avenues that the social media corporation is exploring in the wake of the failing ad industry.
In the internal memo it shared, which was obtained by The Verge, Meta’s former head of research, Pratiti Raychoudhury, will lead the division. Meanwhile, it will be under the supervision of the company’s monetisation unit.
However, despite expanding its horizon, the social media giant is not giving up on ads entirely. According to Meta’s VP of monetisation, John Hegeman, it will continue to find ways to grow its ad business. Yet, he cannot deny the potential paid features will bring.
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“I think we do see opportunities to build new types of products, features, and experiences that people would be willing to pay for and be excited to pay for,” Hegeman said. “I think if there are opportunities to both create new value and meaningful revenue lines and also provide some diversification, that’s obviously going to be something that will be appealing.”
For now, things are still in the early stages, and we can’t confirm if the company would name the paid tier Instagram Premium (for Instagram) like we have seen other social media platforms like Snapchat and Telegram do.
Meta hints at a five-year timeline for its paid features to either become a major part of its business or just another service. Already, content creators earn via paid virtual stars, and Facebook group admins charge users for exclusive content access. These are some ways that the company is monetising its main app, and we could see some of them replicated across its other platforms in the course of the next five years.
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