Meta Platforms Inc, the parent of Facebook, announced a new way to make money through Instagram Subscriptions.
Meta, which already has a subscriptions feature on Facebook, said the creators on Instagram will be able to grow their monthly income by giving subscribers access to exclusive content and benefits.
The company said it is beginning to test subscriptions with a handful of creators who will be able to set a monthly price, unlock a “subscribe” button on their profiles and offer benefits such as broadcasting exclusive lives, and creating exclusive stories for subscribers.
Meta previously said they would not collect any fees from creators on Facebook Subscriptions purchases until 2023 and has also applied this to Instagram Subscriptions.
Meta shares are up 2% Wednesday. Before the opening bell, Morgan Stanley released a client note saying they were increasing their price target on the stock to $395 from $365 while keeping an overweight rating.
News Source: Investing.com