Meta finally moves to monetize WhatsApp and this time it might really work

WhatsApp has always been the quiet giant in $META’s empire—massive user base, almost no revenue. But that’s about to change. Meta is finally turning on the monetization engine, and one analyst thinks it could generate over $10 billion a year in just a few years.

Let’s break down what’s happening, why it matters, and how big this could get.

Three subtle changes that could mean big money

Meta just introduced a few new features aimed at businesses on WhatsApp:

• Channel subscriptions – Companies can now offer exclusive content behind a paywall.

• Promoted channels – A way for businesses to boost visibility and reach more users.

• Status ads – Similar to ads in Instagram Stories, these appear in the “Status” section of WhatsApp.

All of this will live in the Updates tab, not in private chats. Meta’s message is clear: your personal conversations won’t be touched.

That’s crucial—WhatsApp users tend to be privacy-sensitive and fiercely protective of the app’s clean, uncluttered experience.

Huge scale, but so far very little revenue

When Meta (then Facebook) acquired WhatsApp for $19 billion back in 2014, it had around 450 million monthly users. Today, more than 1.5 billion people use the Updates tab daily, according to WhatsApp’s latest blog post.

Despite that scale, WhatsApp has been largely a blank spot on Meta’s income statement. Meanwhile, Instagram—another Meta acquisition—has become a major revenue driver through ads, shopping tools, and creator monetization.

WhatsApp, in contrast, has remained minimalistic. Until now.

One analyst thinks this could be a $10 billion business by 2028

Mark Mahaney from Evercore ISI did some quick math:

• If Meta earns just $6 per daily active user on the Updates tab—much less than what it earns elsewhere,

• and if daily users rise from 1.5 billion to 1.7 billion,

Then Meta could pull in $10.2 billion in annual ad revenue by 2028. That would also add around $5 billion in operating profit.

Even if monetization per user stays relatively low, the scale of WhatsApp makes the opportunity hard to ignore.

Why this isn’t just another feature drop

This rollout may look small, but strategically it’s a big deal. Here’s why I think it matters:

• WhatsApp is Meta’s last untapped growth engine

Facebook’s growth has slowed. Instagram is mature. WhatsApp is the next monetization frontier.

• Minimal disruption, maximum potential

By isolating ads to the Updates tab, Meta avoids upsetting users who just want to message friends. It’s a low-friction experiment.

• They’ve done this before—with Instagram

Meta has a history of successfully layering monetization onto user engagement surfaces. WhatsApp could follow that same playbook.

• This opens the door to bigger moves

If payments, shopping, and creator tools follow, WhatsApp could evolve into a more complete platform—potentially rivaling Asia’s “super apps.”

The international investor angle

As an investor, I see this as a key unlock for Meta:

• Under-monetized asset finally turning into a cash machine

WhatsApp has global reach and high user loyalty. Even light monetization could move the needle on Meta’s earnings.

• Global ad budgets may shift

A new, massive surface for advertising means Meta becomes even more essential to global marketers—especially in markets where WhatsApp is dominant.

• A contrast to Asia’s model

WhatsApp’s approach—minimalist, user-first, monetization via opt-in business content—offers a different template from heavily ad-driven platforms in Asia.

WhatsApp has always been the “quiet product” in Meta’s lineup. Now, Meta wants it to quietly print money. If it pulls this off without damaging user trust, this could be one of the smartest pivots in the platform’s history.