Benzinga – by Bibhu Pattnaik, Benzinga Staff Writer.
In a move that could reshape the social media landscape, Meta (NASDAQ: META), the powerhouse behind platforms such as Facebook, Instagram and WhatsApp, is mulling over the introduction of paid versions for Facebook and Instagram.
What Happened: These versions, targeted at European Union users, would offer an ad-free experience, The New York Times reported.
According to the report, the initiative is primarily designed for users within the European Union. As privacy concerns escalate globally, the ad-free subscriptions could present EU users with an opportunity to bolster their online privacy.
Despite these potential changes, the traditional, advertisement-laden versions of the apps will remain available to EU citizens.
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While the specifics regarding subscription costs and launch timelines are still under wraps, the strategy bears resemblance to X’s recent unveiling of X Premium, formerly Twitter Blue.
The service, introduced after Elon Musk’s acquisition of what was then Twitter, provides users with a suite of exclusive features, including a notable reduction in ads. Yet, Meta’s rationale for exploring this model might diverge from X’s.
Earlier in July, the EU implemented stringent regulations on Meta, barring the tech behemoth from amalgamating data across its suite of platforms without obtaining clear user consent, according to The New York Times. Additionally, a hefty fine of around $420 million was levied on Meta by Irish officials for compelling users to embrace personalized ads on Facebook. Introducing a subscription-based model could potentially address some of these regulatory challenges, streamlining Meta’s operations within the EU.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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