Using a new revenue stream that has had mixed results for smaller rival Twitter, Facebook-parent Meta has introduced a subscription service called Meta Verified that will allow users to add the coveted blue check mark to their Instagram and Facebook accounts for up to $15 a month by verifying their identity.
The subscription service costs $11.99 a month on the web or $14.99 on Apple’s iOS, and it will first launch in New Zealand and Australia this week. (The business did not specify a timeframe for when it intends to make the service accessible for purchase through its Android apps.)
Users will be able to utilize their government-issued ID cards to prove their identity using Meta. As well as “greater exposure and reach,” “better protection against impersonation threats,” and “direct access to customer assistance,” the firm claimed that the subscription service would provide.
According to Zuckerberg in a Facebook post, Meta Verified “is about boosting authenticity and security across our services.”
He stated that “additional countries shortly” would be added to the subscription service list without providing a timeframe. We’ve enquired further about Meta, and when we hear back, we’ll update this report.
Following Apple’s decision to implement strict privacy changes on iOS that limit the social firm’s ability to track users’ internet activities, Meta’s revenues have suffered in recent years.
For more than 15 years since its founding, Meta has chosen not to charge its customers for most of its services.
The corporation founded by Mark Zuckerberg, which derives almost all its revenue from advertising, predicted last year that Apple’s decision will cost the business more than $10 billion in lost advertising revenue by 2022.
Social networking companies are increasingly using subscription services.
After the launch of social media platform Snap’s own subscription service last year, which has already resulted in the conversion of over a million users into paying subscribers, and the redesign of Twitter Blue by Elon Musk to include a number of new features, such as the blue check mark.
In recent months, Twitter has expanded Twitter Blue to more than a dozen regions, including India and Indonesia.
According to The Information, just roughly 180,000 accounts have joined Twitter Blue as of mid-January.
Musk, a strong opponent of Facebook services, is wagering that Twitter Blue will become a significant source of revenue for Twitter, which he purchased for $44 billion last year.
One of the most wanted features on social media platforms for a long time has been the blue checkmark. Before, only public individuals like politicians, actors, musicians, athletes, and journalists were allowed to use it.
Musk has slammed the notion, contending that the feature ought to be accessible to anyone. He has previously said that anybody who obtained the blue tick mark without purchasing a Twitter Blue subscription will eventually lose it.
“Accounts on Instagram and Facebook that are already verified based on prior conditions, including authenticity and notability,” stated Meta, “will not alter as we test and learn.
The market’s harsh reaction to Meta’s expansive metaverse vision has caused company shares, which have recently recovered, to fall further.
The business, which has slashed approximately 11,000 jobs over the last two months, has promised to spend less on its plans for the metaverse. Another round of layoffs is apparently planned very soon.
It takes a leap of faith to practice religion, which is the thing. the conviction of something you may never be able to prove with certainty.
There may also be times when your faith will be put to the test and you will start to doubt everything you had previously believed to be true.
Notwithstanding the drama, 2022 was a challenging year for supporters of the House of Zuck, with many being driven to the breaking point or giving up, which led to the capitulation we saw last quarter, according to analysts at Bernstein in a note published this month.
But, it seems like Meta has developed its own religion centered around productivity and profitability, and investors now discover a leaner, sharper company in front of them.