07:34 AM EDT, 03/19/2024 (MT Newswires) -- Meta Platforms ( META ) has offered to reduce European monthly subscription prices for Facebook and Instagram to 5.99 euros ($6.50) from 9.99 euros after discussions with regulators, Reuters reported Tuesday citing a company official.

Meta lawyer Tim Lamb told a European Commission hearing the company has offered to reduce prices for accounts that comply with European privacy guidelines set out in the Digital Markets Act, Reuters reported.

Meta launched the paid subscription service in November. Account holders who consent to being tracked for advertising purposes do not have to pay. The company is in negotiations with regulators to come into compliance with rules while continuing to generate revenue.

Meta did not immediately reply to MT Newswires request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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