09:19 AM EDT, 03/19/2024 (MT Newswires) -- (Updates with input from Meta throughout.)

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 for a single account, a Meta official confirmed Tuesday.

A Meta official told MT Newswires in an email that the offer is with the regulators for feedback and that the company is already in compliance with the Digital Markets Act and the General Data Protection Regulation.

"Our subscriptions offering is a compliance solution for both the DMA and GDPR," he said.

Meta launched the paid subscription service in November, according to a Reuters report earlier Tuesday. Account holders who consent to being tracked for advertising purposes do not have to pay.

Meta lawyer Tim Lamb told a European Commission hearing the company's fee model seeks to address the demands of both the DMA and other EU privacy laws, Reuters said.

"We have wanted to accelerate that process for some time because we need to get to a steady state," he told the Commission, according to the report.

Price: 491.57, Change: -5.41, Percent Change: -1.09