Thursday, February 22, 2024

Meta plans more paid Facebook and Instagram features

The news agency got a letter sent internally by Meta last week that said the company was setting up a product division to find and build “potential paid products Features” for Facebook, Instagram, and WhatsApp.

This new department is Meta’s first real attempt to add in-app purchases to its three most popular social apps. Which have more than 3 billion monthly active users combined. Ad revenue for Meta has lost a big hit as a result of recent changes to ad tracking on iOS by Apple and a general decrease in spending on digital ads. The purpose of the new program is to offset those losses. Pratiti Raychoudhury, who served as Meta’s head of research, is now in charge of New Monetization Experiences.

John Hegeman, Meta’s VP of monetization is in charge of the group. He told The source that the company doesn’t want to charge users to turn off ads in its apps and is still committed to growing its advertising business. When asked if he considered it possible to make new products, services, and experiences that customers may like and are willing to pay for, he said, “I think we see opportunities to build these.” He said that there is a commercial version of the feature, but he wouldn’t say more.

I think there are chances to come up with new products, features, and experiences that people would pay for.

Even though the social networking giant now has had premium services in its apps for a while. Charging users isn’t been a priority until now. Almost all of the money Meta makes comes from ads. Even though Hegeman didn’t think paid features is a big part of the business anytime soon. He did say, “On the other hand, I think if there are opportunities to both create new value and meaningful revenue lines and provide some diversification, that’s obviously going spend time appealing.”

He said that paid features will bring in more money for Meta in the future. “I do think it can really move the needle and make a really big difference in five years.”

Administrators of Facebook groups can already charge for premium content. Customers can give content creators “virtual stars” when they buy something. Instagram recently said that artists might start charging for access to exclusive content. Some businesses have to pay WhatsApp to let their customers message them. The CEO of Facebook said in June that the company will not make money from paid services until 2024.

“I do think it could really move the needle and make a really big difference over five years,”

Meta isn’t the only one who wants to pay for add-ons. In the past few years, the number of paid social media apps has grown. Discord’s only way to make money is through its Nitro membership, while Twitter has paid Super Follows. Also, both Telegram and Snapchat have added premium levels this year that gives users access to a wider range of features. The premium Snapchat service is popular.

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Hegeman said, “It’s clear that we’re keeping an eye on what’s going on in the business.” “And I think there are a few organizations which have done innovative things in this field that we may able to take from and copy in the future”.

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