Social media giant Meta, owner of Facebook and Instagram, is reportedly looking to bring in new subscription services to its apps.
With competitors such as Twitter and Snapchat already doing something similar with paid add-ons, it’s no surprise that Meta would want to introduce something similar for its flagship platforms.
Increasing revenue looks to be of ultimate importance to Meta right now in the aftermath of the company’s revenue declining for the first time in its existence. This comes as a result of Apple’s decision to add app-tracking transparency into its latest iOS updates, severely damaging Facebook’s ad revenue, as well as the company’s expensive foray into the Metaverse, which has already cost it over $10 billion.
However, it now seems that Meta is aiming to recoup some of that lost revenue in the form of premium paid services for its users. It is currently unknown what form these add-ons will take, although Meta has already confirmed that an ad-free service for Facebook and Instagram is off the table, due to the company’s reliance on ads as its primary source of income.
While an ad-free Facebook seems to be an impossible prospect at the moment, some other possible paid Facebook features have been suggested, including the introduction of NFT features or a fully permanent chronological timeline for users. Of course, these features would come at a cost for users, allowing Meta to recuperate some of the revenue that it has lost in recent times.
Thankfully, Facebook Ads will remain largely unaffected by the potential changes, meaning that your business is still able to generate new leads and potential sales through Facebook. Here at Engage Web, Facebook Ads are one of our areas of expertise, so if you’re looking to advertise your business’ services through Facebook, have a word with our team to see how we can help you.
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