Facebook has been exploring the option of introducing a subscription-based version of the social media network. This alternative would remove advertisements from the site, reducing its reliance on ads as a revenue, and allowing the company to provide increased privacy for users.
According to Bloomberg, Facebook has been conducting a market research on whether the paid subscription option can entice users back to the site. Something was considered unfavourable in the past, but may hold some possibilities. Seeing how the recent Cambridge Analytica leaks highlighted weaknesses in Facebook’s current model.
Facebook CEO, Mark Zuckerberg has considered the said alternative for a while. Now, there has been an urgency to act on this matter quickly. On top of that, Zuckerberg isn’t planning to completely change Facebook’s business model, rather, giving an option for Facebook users who left the site because of concerns that Facebook will misuse their personal data.
Facebook generated $41 billion in revenue in 2017 alone by selling targeted ads.
There has yet to be a definitive date on when we can expect an official Facebook subscription service or even if it will materialise. Bloomberg does note that the subscription plan isn’t solid and there’s a possibility that Facebook might not go forward with it.