Meta Platforms Inc. (NASDAQ:META) stated on Tuesday during a hearing at the European Commission that it is willing to drop the price of monthly subscription fee for its social media platforms Facebook and Instagram to €5.99.
“We have wanted to accelerate that process for some time because we need to get to a steady state…so we have offered to drop the price from €9.99 to €5.99 for a single account and €4 for any additional accounts,” Meta lawyer Tim Lamb said.
The proposal comes after the tech giant’s consultations with European regulators. The paid version of Facebook and Instagram was envisioned to offer customers an ad-free experience.