Thursday 1 September 2022 11:46 PM Would YOU pay to use Facebook and Instagram? Meta plans for 'possible paid ... trends now

Meta is setting up a product organization to identify new 'possible paid features' for its family of popular apps in the wake of seeing its advertising business severely impacted by Apple's ad tracking changes, a new internal memo reveals. 

The decision comes as the California-based company faces a range of challenges. 

Facebook in July reported its first ever yearly decline in revenue for the second quarter, announcing a 1 percent drop to $28.8 billion, and the social network said growth could fall further in the next quarter. Net income - profits - plunged by 36 percent compared to the previous quarter, to $6.7 billion.

Apple's new 'Ask app not to track' feature that's a prompt on iPhones has reportedly cost Meta $10 billion in ad revenue just last year. During its most recent earnings call, the company also projected that third-quarter revenue to fall further, to between $26 billion and $28.5 billion, saying that 'a continuation of the weak advertising demand' would weigh on sales. 

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Facebook reported its first quarterly decline in daily users this year and has been trying to convince investors that it can compete with TikTok for users. 

Meta's VP of monetization overseeing the group John Hegeman told The Verge: '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 did not elaborate on what paid features are being considered.  

Hegeman seemed to downplay paid features becoming a meaningful part of the business in the near term, but said that 'on the flip side, I think if there are opportunities to both create new value and meaningful

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