The Verge has reported that the company recently formed a group called New Montezation Experiences, led by Meta’s previous head of research Pratiti Raychoudhury. The publication has obtained a memo sent to employees last week that dictated that this will be the company’s first official foray into building paid features across all three of its main social apps.
Meta’s VP of monetization John Hegeman, who oversees the new group confirmed that the company is still focusing on its ads business. Since most of Meta’s revenue still comes from ads, they are hoping that these paid features will continue to grow its revenue. Hegeman said, “I think we do see opportunities to build new types of products, features, and experiences that people would be willing to pay for and be excited to pay for.” He has not confirmed what paid features Meta is hoping it bring forward for the three apps, however, Met does see paid features becoming a greater part of its business, “On a five-year time horizon I do think it can really move the needle and make a pretty significant difference.”
Meta joins a list of app companies that are applying more their focus on paid opportunities. Just recently, TikTok began testing its paid subscriptions and Twitter now has Super Follows.
In other tech news, Apple AirPods Pro 2 is rumored to receive an aesthetic update.