Similar to Google Play and other online application environments, Facebook recently announced on its developer’s blog that it is planning to deploy a subscription model aimed at helping app creators generate recurring revenue. The new initiative will be launched in July.
The move allows application developers to expand their business by offering updated content and premium services for a monthly fee. Facebook, in turn, will take a 30 percent fee from all payments made through the social network, the Associated Press reported.
The blog also said Facebook is planning to deploy a local currency, which will enable companies to establish more relevant prices. The local currency, rather than a virtual credit system, will allow organizations to expand beyond U.S. borders and charge its services differently in varying regions in regard to different market types.
“By supporting pricing in local currency, we hope to simplify the purchase experience, give you more flexibility and make it easier to reach a global audience of Facebook users who want a way to pay for your apps and games in their local currency,” the blog said.
This announcement is further evidence of the growing number of companies that are leveraging subscription commerce models to offer innovative products and services, increase customer satisfaction and generate recurring revenue.