BRUSSELS (Reuters) - Meta Platforms ( META ) has offered to almost halve its monthly subscription fee for Facebook and Instagram to 5.99 euros from 9.99 euros following discussions with privacy regulators, a senior Meta executive said on Tuesday.

The move came amid mounting criticism from users about Meta's no-ads subscription service launched in Europe in November which critics say requires users to pay a fee to ensure their privacy.

Meta launched the service to comply with the Digital Markets Act which curbs its ability to personalise ads for users without their consent, hurting its major revenue source.

"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 euros for any additional accounts," Meta lawyer Tim Lamb told a European Commission hearing.

Meta made the reduced offer to regulators earlier this year and is now in talks with data protection authorities, specifically the Irish watchdog, on the issue.

Users, who consent to be tracked, get a free service which is funded by advertising revenues.