1/29/21: Facebook CFO: "While the timing of the iOS 14 changes remains uncertain, we would expect to see an impact beginning late in the first quarter." At this point, Facebook is a mobile app, running a mobile ad network. Apple's latest measures WILL impact fb's bread & butter ... SIGNIFICANTLY.
Three months earlier CNBC's Meghan Graham wrote "Facebook under assault as Apple readies a change that would limit the ability of Facebook and other companies to target ads and estimate how well they work.”
Facebook and Instagram should not worry; if users see value in the product (political ramplings, pics of their meals), they won't hesitate to pay for an ad-free account, especially in Tier 1 geos. Call it fb +. A fair price would depend on living standards & local ad markets (e.g facebook subscription in the US costs x times more than in India). Looking at their 2019 stats, a back of the envelope calculation shows that a monthly sub would be $2.50 to $2.75 a month with geo disparities. Free & paid accounts would co-exist. Given FB's scale, it'd not be difficult to test potential of the paid version. Would be a good way to diversify revenue sources w/o investing in R&D and marketing.