A business representative said on Wednesday that Meta Platforms Inc (META.O) is launching a new group to develop features and goods that users would be able to buy for its Facebook, Instagram, and WhatsApp platforms.
By making the change, Meta would follow in the footsteps of businesses like Snap Inc (SNAP.N) and Twitter Inc (TWTR.N), which have introduced paid tiers to unlock extra services.
According to John Hegeman, Meta’s head of ads and business products, the firm has no intentions of charging customers to turn off advertisements and is dedicated to expanding the ads business. Meta anticipates premium features becoming a more significant component of its company over time.
Fears of a recession and intense competition caused ad sales to decline last month, causing Meta to experience its first-ever quarterly revenue decline. Pratiti Raychoudhury, formerly Meta’s chief of research, will serve as the group’s leader and be dubbed New Monetization Experiences.
