Meta to focus more on paid features on Instagram, Facebook and WhatsApp with the formation of a new group
A new group has been formed by Meta Platforms Inc (META.O) that will concentrate on creating products and features for Facebook, Instagram and WhatsApp platforms that people will be able to purchase, as per a company spokesperson.
"Any new product will be complementary to our existing ads business," the spokesperson told a news source.
With this Meta would be on the same path as companies including Snap Inc (SNAP.N) and Twitter Inc (TWTR.N) that have launched paid tiers to unlock additional features.
John Hegeman, Meta's Head of Ads and Business Products in an interview said that the company has no plans to let users pay to turn off ads and is committed to growing the ads business.
In the long term, Meta sees paid features becoming a more meaningful part of its business, Hegeman told another news source.
Last month, Meta recorded its first-ever quarterly drop in revenue as recession fears and competitive pressures dragged ad sales.
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