Key insights
- Pinterest and Snap shares rose following Meta's announcement of premium subscription services. This move signals a potential shift in the social media business model, with Meta testing subscriptions for consumers and businesses. The positive reaction suggests investors believe this trend could benefit other social media platforms.
Investing.com -- Pinterest Inc (NYSE:PINS) shares rose 3.3% Wednesday, while Snap Inc (NYSE:SNAP) gained 1.6%, following reports that Meta Platforms is launching premium subscription versions of its social media products.
The gains came after TechCrunch reported Meta is rolling out consumer subscription plans globally for Instagram, Facebook, and WhatsApp. The move represents a shift in Meta’s business model that could have implications for other social media companies.
According to the report, Instagram Plus and Facebook Plus will each cost $3.99 per month, while WhatsApp Plus will be priced at $2.99 per month. Subscribers will gain access to additional features including profile customization, super reactions, and story insights.
Meta is also beginning tests of new subscriptions for businesses, creators, and Meta AI users. The company plans to brand these offerings as Meta One, which will serve as the company’s home for subscription products.
Meta Platforms shares traded over 3% higher Wednesday following the news.
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