Meta Platforms

Meta to set up new group for more paid features on Instagram, Facebook

Reuters
Meta to set up new group for more paid features on Instagram, Facebook

META. People pose for a photo in front of a sign of Meta, the new name for the company formerly known as Facebook, at its headquarters in Menlo Park, California, USA on October 28, 2021.

Nathan Frandino/Reuters

(1st UPDATE) The group, called New Monetization Experiences, will be led by Pratiti Raychoudhury, who was previously Meta's head of research

Meta Platforms is setting up a new group that will focus on creating products and features for its Facebook, Instagram and WhatsApp platforms that people will be able to purchase, a company spokesperson said on Wednesday, August 31.

“Any new product will be complementary to our existing ads business,” the spokesperson told Reuters in an emailed statement.

The move would put Meta on the same course as companies including Snap Inc and Twitter Inc that have launched paid tiers to unlock additional features.

The Verge first reported the development.

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The company has no plans to let users pay to turn off ads and is committed to growing the ads business, John Hegeman, Meta’s head of ads and business products, said in an interview with The Verge

In the long term, Meta sees paid features becoming a more meaningful part of its business, Hegeman told Verge.

Last month, Meta recorded its first-ever quarterly drop in revenue as recession fears and competitive pressures dragged ad sales. 

The group, called New Monetization Experiences, will be led by Pratiti Raychoudhury, who was previously Meta’s head of research, The Verge reported. – Rappler.com

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