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Meta, the parent company of Facebook, has launched a new subscription service called Meta Verified. This service will allow users to add the coveted blue check mark to their Instagram and Facebook accounts by verifying their identity for up to $15 per month. The company’s CEO, Mark Zuckerberg, announced this new revenue channel on Sunday. However, this type of subscription has returned mixed success for Twitter.
The subscription service, priced at $11.99 per month on the web or $14.99 on Apple’s iOS and Google’s Android, will first roll out in New Zealand and Australia starting this week. Users can verify their identity by using their government-issued ID cards. The company stated that the subscription service will also offer “increased visibility and reach,” improved protection against impersonation attacks and direct access to customer support.
Zuckerberg stated in a Facebook post that Meta Verified “is about increasing authenticity and security across our services.” The subscription service will be extended to “more countries soon,” according to Zuckerberg, without elaborating on the timeline. Meta has not disclosed whether there will be any additional features included in this service.
We have reached out to Meta with additional questions and will update the story when we receive a response.
Meta, the parent company of Facebook, has launched a new subscription service called “Meta Verified.” The service will allow users to add the coveted blue checkmark to their Instagram and Facebook accounts for a fee of up to $15 a month. Users can verify their identity by using their government-issued ID cards. Meta Verified will also offer “increased visibility and reach,” improved protection against impersonation attacks, and direct access to customer support. The subscription service is currently rolling out in New Zealand and Australia, and it will be extended to more countries soon.
Meta’s main source of revenue comes from advertising, and the company has not charged users for most of its services since its founding. However, its revenues have taken a hit in recent years due to Apple’s introduction of stringent privacy changes that limit Meta’s ability to track users’ internet activities. The company said last year that Apple’s move would result in a loss of over $10 billion in ads revenue in 2022.
Social media companies are increasingly turning to subscription services, with Snap and Twitter both launching their own subscription models. Twitter Blue, for example, offers users additional features, including the blue check mark, and has expanded to over a dozen markets, with around 180,000 accounts signed up as of mid-January. Elon Musk, who acquired Twitter last year for $44 billion, is betting on Twitter Blue becoming a significant revenue driver for the social media platform.
Previously, Meta has not charged its customers for most of its services since its founding. However, Apple’s privacy changes on iOS have impacted Meta’s revenue in recent years, resulting in lost ads revenue. The company has said that Apple’s move would cost them over $10 billion in lost ads revenue in 2022. As a result, Meta has decided to explore subscription services to provide value to creators, businesses, and the community at large.
The announcement of Meta’s new subscription service follows other social media platforms, such as Snap and Twitter, launching their subscription services. Elon Musk, who recently revamped Twitter’s subscription service, Twitter Blue, is betting on it becoming a significant revenue driver for Twitter. The service offers a range of additional features, including the blue checkmark. Musk believes that the blue checkmark should be open to all Twitter users, not just subscribers.
Meta’s announcement of the new subscription service follows the company’s grand metaverse vision and a harsh response from the markets. Meta has pledged to cut down its spending on the metaverse ambitions and has laid off about 11,000 employees in the past two months. The company reportedly plans to carry out another layoff round soon. Despite these challenges, Meta’s shares have rebounded in recent weeks, and investors now see a leaner, sharper company before them.
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