20 January 2023
Meta is reportedly considering the approach of offering more paid features with Instagram, WhatsApp, and Facebook. The report is coming from The Verge and is based on an internal memo shared by the company with employees. It is looking for steady revenue streams to make up for the lost advertising revenue in recent times, especially since Apple released app tracking features.
The report says Meta has in fact set up a dedicated division called New Monetization Experiences. It will be led by the company's ex-head of research Pratiti Raychoudhury. The goal of the division would be to find new features and experiences that users will be willing to pay for. Since all three social media apps have billions of active users, the company is seeing great revenue potential even if a few million of those users decide to pay.
John Hegeman, VP of Monetization at Meta, told the publication that the company has no plans to bid farewell to the advertising business. The team will continue to work on growing its ad business and there will not be a feature where users will be asked to pay to disable ads. These new features will offer something extra that users will hopefully be happy to pay for.
Meta is not the only social media company looking to make revenue through paid features. We have seen the likes of Snapchat, Telegram, and Twitter offer monthly subscriptions. These memberships give users access to a bunch of exclusive features as well as an opportunity to test new features ahead of everyone.