So this past weekend, the social network doubled down on one of its quirkiest revenue streams: Facebook gifts. They are those icons that sometimes pop up in your News Feed. Users give them to each other and pay Facebook $1 for the privilege.
But instead of continuing to charge users $1 or nothing for the gifts, Facebook this past weekend switched to a credits system to allow variable pricing. Existing gifts will continue to cost $1, but new gifts might cost more. Here’s how Facebook sold it to users:
The new system means we can introduce a wider variety of gifts, allowing you greater freedom in expressing appreciation for your friends, just like in the real world. It also makes gift pricing more accessible to people around the world, no matter what their home currency might be.
Estimates suggest Facebook already earns about $3 million per month selling the virtual gifts.
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