Since the Cambridge Analytics data scandal, there have been calls for Facebook to develop a premium business model — users who would pay a subscription fee to shield their data from advertisers. Consumers are more serious than ever about protecting their data from tech companies. On Thursday, California passed a digital privacy law giving consumers more control over their personal information online. This new law is one of the most significant regulations overseeing the data-collection practices of technology companies in the United States.
While Facebook founder and CEO Mark Zuckerberg hasn't ruled out the idea of a premium Facebook, he has indicated he doesn't see how a premium version of the social network would ever become its primary global business model.
The latest CNBC Millionaire Survey shows why Zuckerberg isn't jumping on the idea. Even among the wealthy, the majority of Facebook users have no interest in paying for it — 83 percent said they would not pay to use the social network.
The CNBC Millionaire Survey was conducted by the Spectrem Group in April to assess the investment attitudes and behaviors of U.S. millionaires. It studied 750 Americans nationwide with $1 million or more of investable assets. Respondents were both male and female with political affiliations to the Republican, Democratic and Independent parties.