Meta plans to roll out paid features to bolster revenue stream

Meta’s VP of monetisation overseeing the group, John Hegeman, told The Verge that the new division is meant to augment the company's revenue stream and that Meta has no plans of offering users paid plans to turn off ads on its platforms.

“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,” Hegeman was quoted by The Verge as saying. He added, “I think we do see opportunities to build new types of products, features, and experiences that people would be willing to pay for.”

As things stand, Meta entirely depends on ads and user data for its revenue. While it has several paid features — primarily for businesses and creators seeking better exposure — this willl be the first time users would be charged.

Hegeman, the The Verge report, downplayed paid features becoming a significant part of the business, at least in the near term. "On the flip side, I think if there are opportunities to both create new value and meaningful revenue lines and also provide some diversification, that’s obviously going to be something that will be appealing," he told The Verge.

Longer term, Meta sees paid features becoming a more meaningful part of its business, he said. “On a five-year time horizon I do think it can really move the needle and make a pretty significant difference.”

Meta is not the only cmpany pushing paid features on its applications. Other social media aoos, such as Snapchat and TikTok, have steadily rolled out premium feetures in the recent past. Twitter and Telegram too have paid features in the form of Super Follows and premium tiers, respectively.

“We’re obviously paying attention to what’s going on in the industry,” said Hegeman in the report and added, “and I think there are multiple companies that have done interesting things in this space that I think hopefully we can learn from and emulate over time.”