Social media juggernaut Facebook Inc (NASDAQ:FB) today unveiled its new business-oriented pay communication platform, dubbed Workplace by Facebook.
From Facebook’s press release:
At Facebook, we’ve had an internal version of our app to help run our company for many years. We’ve seen that just as Facebook keeps you connected to friends and family, it can do the same with coworkers. We started testing a version of Facebook for the workplace with a few other organizations over a year ago.
Now, more than 1,000 organizations around the world use Workplace (formerly known as Facebook at Work). People have created nearly 100,000 groups and the top five countries using Workplace are India, the US, Norway, UK and France. We’re excited by the progress we’ve made and the level of adoption and engagement we’re seeing.
So today we’re announcing that Workplace will now be available to any company or organization that wants to use it.
All the Facebook features you’re probably already familiar with are available with Workplace, such as News Feed, Groups, Live, and Messaging. Also included are Workplace-exclusive tools like a dashboard with analytics, and the ability to integrate other IT systems into the platform.
Facebook has also tapped several IT partners to help with launch, including CSC, Deloitte, Edelman, and more. These partners will help organizations install and use Workplace in ways that best benefit their businesses.
The service costs $3 per user per month for the first 1,000 users, then $2 for the next 1,001-10,000, and and $1 for any monthly active users (MAUs) over 10,000. In contrast, fellow work communication system Slack (which is privately held and valued at $3.8 billion) charges either $8 or $15 per active user per month, depending on features.
Simply put, this pricing is very bad news for Slack, and probably good news for Facebook shareholders.
Facebook shares rose $1.45 (+1.12%) to $130.44 in Monday afternoon trading. Year-to-date, FB has gained 2.46%, versus a 6.12% gain in the benchmark S&P 500 during the same period.