Whatsapp, Facebook, Instagram Will Charge Money For More Features: Big Monetization Plan Created By Meta!

A Meta Platforms Inc (META.O) spokesperson said that the company is setting up a new group that will focus on creating products and features for its Facebook, Instagram and WhatsApp platforms that people will be able to purchase

Creating Paid Products & Features for Meta

In an emailed statement the spokesperson told that “Any new product will be complementary to our existing ads business”.

This move will have Meta join the league of other companies such as 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, while speaking to Verge said that the company has no plans to let users pay to turn off ads and is committed to growing the ads business.

He said that in the long term, company sees paid features becoming a more meaningful part of its business. 

Amid the recession fears and competitive pressures dragged ad sales, first-ever quarterly drop in revenue was recorded by Meta.

The group, called New Monetization Experiences, will be led by Pratiti Raychoudhury, who was previously Meta’s head of research, Verge reported.

The Decreased Ad Sales Amid Fear of Recession

Previously the company was fear struck due to the decreasing demand in the advertising market, warning it expects to generate less revenue than expected next quarter.

The company attributed the weaker-than-expected advertising demand to the uncertainty in the economy, as many experts say that the chances of recession are growing.

Meta CEO Mark Zuckerberg said that “We seem to have entered an economic downturn that will have a broad impact on the digital advertising business. It’s always hard to predict how deep or how long these cycles will be, but I’d say that the situation seems worse than it did a quarter ago”.

The company plans to reduce hiring and overall expenses this year in order to cope up with the challenging environment. He said that “Our plan is to steadily reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas inside the company”.