Meta to set up new group for more paid features on Instagram, Facebook
Reuters
Published Aug 31, 2022 07:24PM ET
Updated Aug 31, 2022 11:00PM ET
(Reuters) - Meta Platforms Inc is setting up a new group that will focus on creating products and features for its Facebook (NASDAQ:META), Instagram and WhatsApp platforms that people will be able to purchase, a company spokesperson said on Wednesday.
"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 (NYSE:SNAP) and Twitter Inc (NYSE:TWTR) that have launched paid tiers to unlock additional features.
The Verge first reported the development.
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, Verge reported.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.