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Meta to set up group for paid features on Instagram, Facebook, and WhatsApp

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Meta Platforms Inc started focusing on creating new products and features that people will be able to purchase through its Facebook, Instagram, and WhatsApp platforms.

Instagram and Facebook already own some paid features such as events and stars. It appears that the new division will be discrete for the paid subscribers of the features.

According to the reports, the Company has started working on it. For this, Meta has built a new product organization named ‘New Monetisation Experiences

Meta is bringing new paid features for Facebook, WhatsApp, and Instagram

Meta’s VP of monetization, John Hegeman, said

“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.”

However, he doesn’t clarify when the new paid features will arrive. And these paid features won’t let you remove advertisements from the Meta apps, as per John Hegeman. So the adverts will stay and the new features will come under the new division.

Meta earns its revenue through ads and some paid features that are available on the app. So, the Company is providing free access to the customers. However, to make more meaningful revenue, the Company is planning to bring more paid features.

Why Meta is bringing Paid Features

According to the reports, Meta’s ad revenue business gets affected after Apple released its new iOS privacy changes. Facebook reportedly saw a one percent drop in revenue to $28.8 billion in the second quarter of 2021. The overall profit of Meta fell 36 percent to $6.7 billion in the quarter.

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To overcome this, the Company is working on new paid features. The Facebook platform recently allows group administrators to charge members for accessing their exclusive content and users can also buy virtual stars to send to creators.

Several Platforms are already offering paid Features

Social media companies introducing a subscription model is not new and this is an idea that appears to be gaining more credence, especially as advertising revenue declines. One latest example is Twitter’s Blue tick Subscription feature.

Snapchat offers a Snapchat Plus subscription that gives users early and exclusive access to features. Telegram also this year launched its paid subscription that offers exclusive access to features like faster downloads, maximum file upload of up to 4GB, and more.

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