Meta promises to provide Facebook and Instagram with new premium services

The Verge reported on Tuesday, citing an internal document, that Meta Platforms Inc is forming a new product group to develop "possible commercial services" for its Facebook (NASDAQ:META), Instagram, and WhatsApp platforms.

In an interview with The Verge, John Hegeman, head of advertisements and business products at Meta, indicated that the company has no plans to charge users to stop commercials and is committed to increasing its advertising business.

The company did not immediately respond to Reuters' request for comment.

Hegeman declined to elaborate on the premium features under discussion, according to the newspaper.

This would bring Meta in line with Snap Inc (NYSE:SNAP) and Twitter Inc (NYSE:TWTR), both of which have launched paid tiers to unlock additional features.

Due to fears of a recession and more competition, Meta recorded its first quarterly decrease in revenue last month.

According to the source, Pratiti Raychoudhury, a former research director at Meta, would manage the New Monetization Experiences group.