Meta is exploring paid Facebook and Instagram features
The company is looking to replace some of its lost ad revenue.
Recently, an internal memo was sent to Meta employees and obtained by The Verge. The memo outlined plans for this new division, called New Monetization Experiences.
Since Facebook’s inception, the platform and its subsidiaries have made the vast majority of their money from advertising.
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“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.” – Meta VP of monetization, John Hegeman to The Verge.
Meta is looking for potential new monetization avenues for its products. The company’s VP of monetization, John Hegeman, told The Verge that we likely wouldn’t see major paid features in the immediate future.
But five years down the line, that will likely be much different. “On a five-year time horizon, I do think it [paid features] can really move the needle and make a pretty significant difference.”
And Meta isn’t the only social platform adding paid features to its service. Twitter has Twitter Blue and paid Super Followers. TikTok has paid subscriptions, and Snapchat offers a paid tier with exclusive features.
In fact, Meta has already added a few paid features, but they are focused on creators earning money.
The company now allows Facebook and Instagram creators to monetize their profiles. But it also says that it won’t be taking a cut of these monetization efforts until 2024.
Meta won’t be giving up on its ad business by any means. However, the company is looking to evolve with new revenue streams. And it looks like that’s going to come in the form of paid features on its social media platforms.
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