Meta planning more paid features for Facebook and Instagram

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(Reuters) – Meta Platforms Inc is setting up a new product organization to work on “possible paid features” for its Facebook, Instagram and WhatsApp platforms, The Verge reported on Tuesday, citing an internal memo sent last week.

The company still has no plans to let users pay to turn off ads and it is committed to growing the ads business, Meta’s head of ads and business products, John Hegeman, said in an interview with The Verge. https://bit.ly/3TH3uHU

The company did not immediately respond to a Reuters request for comment.

Hegeman declined to elaborate on the paid features that are being considered, the report said.

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.

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, according to the report.

(Reporting by Juby Babu in Bengaluru; Editing by Devika Syamnath)

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