GetGo Reports 300% Rise in Revenue; Meta Contemplates Ad-Free Subscription in Europe

In today's ExchangeWire news digest: GetGo reports a revenue increase of 300% for 2022; Meta considers introducing an ad-free subscription for EU-based users; and X collaborates with Paris Hilton to bring live shopping to the site.

GetGo revenue soared in 2022

Singapore’s GetGo has posted revenue of USD$34.1m (~£28m) for 2022, marking a year-on-year increase of 300%. Despite rising costs, the car-sharing and rental platform saw net profits rise to USD$94,000 (£77,361.90), while marketing expenses cost less than 3% of the company’s revenue.

Meta considers ad-free tier in EU

Meta is reportedly contemplating a subscription tier for Facebook and Instagram users in the European Union. For as much as USD$14 (£11.52) a month, users would have access to ad-free versions of the social media platforms, with the option to continue accessing them for free with personalised ads.

X veers towards live shopping with Hilton deal

X has signed a content deal with celebrity and entrepreneur Paris Hilton, which will bring live commerce to the platform. The deal, which includes a revenue-sharing agreement between both parties, will allow X users to browse through and purchase products while watching a live shopping stream on the site.

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Fact of the Day

16.6 million – Paris Hilton's follower base on X

Source: Variety