Meta, the parent company of Facebook, has introduced a new subscription service, Meta Verified, that provides users the opportunity to acquire the highly sought-after blue verification badge on their Instagram and Facebook accounts. Users can achieve this by verifying their identity for a monthly fee of up to $15.
How it works. Meta Verified is now available in New Zealand and Australia, with plans to expand globally in the near future. The service allows users to verify their identity using government-issued ID cards, and provides several benefits such as improved protection against impersonation attacks, direct access to customer support, and increased visibility and reach.
The monthly subscription cost for Meta Verified is $11.99 on the web and $14.99 on iOS and Android devices. In a Facebook post, Meta CEO Mark Zuckerberg emphasized that the new service is focused on “increasing authenticity and security across our services.”
Meta’s solution to decreased revenues. Meta’s revenue has taken a hit in recent years due to Apple’s implementation of stricter privacy changes on iOS that limit the company’s ability to track users’ internet activities. The social media giant, which has not charged its customers for most of its services since its inception 15 years ago, generates almost all of its income from advertising. The impact of Apple’s move is expected to cost the company over $10 billion in lost advertising revenue this year.
In response, Meta has expressed its intent to develop a valuable subscription service for creators, businesses, and the wider community. As part of this plan, Meta is expanding access to verification and redefining the meaning of the verified badge so that more people can trust that the accounts they are interacting with are authentic.
Following in Twitter’s footsteps. This move for Meta comes after Snap launched its own subscription service last year, which has already converted over one million users into paid customers. Additionally, Elon Musk revamped Twitter’s subscription service, Twitter Blue, to offer a range of features, including the blue check mark. In recent months, Twitter has expanded Twitter Blue to over a dozen markets, including India and Indonesia. However, as of mid-January, only around 180,000 accounts had signed up for Twitter Blue, according to The Information.
Why we care. The increased authenticity and security could lead to a better user experience and more engagement, ultimately benefiting advertisers who want to reach and connect with a reliable and engaged audience.
In addition, Meta has been impacted by Apple’s privacy changes, which have limited the company’s ability to track users’ internet activities and resulted in lost advertising revenue. If Meta is successful in its plan to develop a valuable subscription service for creators, businesses, and the wider community, it could potentially create a new revenue stream for the company and reduce its reliance on advertising income. This could help to stabilize the company’s financials and create a more stable environment for advertisers.