Meta Is Following Twitter

Meta Platforms revealed its latest attempt to grow sales, Meta Verified, a monthly subscription service aimed at boosting user authentication and supporting content creators' growth and community building. According to an announcement made recently, the service enables users to verify their accounts via a government ID, and receive a coveted blue badge to establish their authenticity.

  • Additionally, the subscription package, set to be available on Instagram and Facebook this month, will offer added protection against impersonation
  • The subscription fee will begin at $11.99 per month for the web version and $14.99 per month for iOS and Android

Paying Social Media

The service is set to debut in Australia and New Zealand this week before rolling out in other countries gradually. This move into subscription services follows Twitter's recent announcement of Twitter Blue, priced at $11 per month. Mark Zuckerberg, CEO of the social media giant, had previously discussed plans to introduce new products that will empower creators, but also cautioned about the expenses involved in supporting the technology for a vast user base.

  • The move comes as the social media giant seeks to offset the impact of Apple's stringent privacy changes on iOS, which have curtailed Meta's ability to track users' internet activities, resulting in a significant hit to its advertising revenue
  • Last year, the company projected a loss of over $10 billion in ads revenue in 2022 due to Apple's restrictions
  • Subscription services are gaining popularity among social media firms, as they seek new revenue streams and ways to increase user engagement

Last year, Snap Inc.'s Snapchat and messaging app Telegram launched their own paid subscription services to generate new revenue streams.

Disclaimer

Please note that this article does not constitute investment advice in any form. This article is not a research report and is not intended to serve as the basis for any investment decision. All investments involve risk and the past performance of a security or financial product does not guarantee future returns. Investors have to conduct their own research before conducting any transaction. There is always the risk of losing parts or all of your money when you invest in securities or other financial products. Please note that the writer of this article is not registered as a financial advisor.

Credits

Photo by Dima Solomin on Unsplash.