San Francisco, Sep 1 : Beset by a decline in revenue in its advertising business due to Apple iOS privacy changes on App Store, Meta is organizing an entirely new team to research and develop paid functions to be used on Facebook, Instagram and WhatsApp.According to The Verge, the new division is Meta’s “first serious attempt at building paid features on its main social platforms”.
The group “New Monetisation Experiences will be led by Pratiti Raychoudhury, Meta’s former head of research The report was released late on Wednesday night.
The new monetisation initiative is underway at Meta after the company posted a losses in revenues in the first quarter of June for the first time since it went public in 2007.
The company is The company is predicting that the growth in the third quarter may be reduced more.
Facebook reported a 1 cent decrease in revenues at $28.8 billion, which is a 1 percent drop from $29.07 billion in the second quarter of 2021.
Overall, Meta’s profit dropped 36 percent to $6.7 billion in the quarter.
Apple iOS privacy updates will cost Meta an estimated 10 billion dollars in 2022 the company has predicted and has accused Apple of favoring Google over other app-based platforms, such as Facebook with the privacy policy it has.
Apple’s iOS 14.5 update, which was released in April 2021 was released in April 2021.It was released in April 2021, and came with an App Tracking Transparency (ATT) feature that has affected digital ads for tech giants.
Sheryl Sandberg, the former chief operating officer of Meta Sheryl Sandberg, former chief operating officer of Meta, had stated that Apple brought two challenges to their advertisers.
“One is that the precision of our ads was reduced and this made it more expensive to pay for the price of driving results.
Another is that evaluating the results got more complicated,” she had said.
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