Ashish Ranjan
Meta Platforms Inc., the parent company of Facebook, is launching a paid subscription service called Meta Verified that will contain a variety of additional perks and features, including account verification badges.
The new subscription will cost $11.99 a month, or $14.99 if purchased via the iOS app, and is aimed primarily at content creators. The subscription also offers proactive account protection, access to account assistance, and enhanced visibility and reach, according to an email from a Meta representative.
Mark Zuckerberg, the chief executive officer of Facebook, launched the new product via his Instagram Channel, a recently introduced service. The option will be accessible on both Facebook and Instagram, but the subscriptions will be distinct.
Subscription solutions have gained popularity among social networking sites in recent years as a strategy to diversify their advertising-heavy businesses. Snapchat Plus is a service offered by Snap Inc., and Twitter Inc. is currently promoting a subscription service, with account verification as a main selling factor.
Almost all of Meta’s revenue is derived from advertising, although this industry is very volatile and susceptible to the broader economy. For instance, Meta’s business took a severe hit at the start of the pandemic and again last year amid the war in Europe and the spike in inflation. Subscriptions provide a more stable source of revenue.
However, it is uncertain whether customers want to pay for formerly free services. The Twitter subscription service has been difficult to gain traction. Increased visibility may be the most useful component of Meta’s subscription plan. Even among a user’s own followers, it is becoming more challenging to stand out on Facebook or Instagram. The company has begun directing consumers to more content that may be of interest to them, and not necessarily content from the individuals they follow.
Increased visibility will result in “prominence in some sections of the platform, such as search, comments, and suggestions,” according to the business. In contrast to Twitter, which does not validate a user’s identity through the subscription, Meta will demand users to provide a government-issued ID in order to acquire a verification badge.
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Starting later this week, Meta will test the subscription offering in Australia and New Zealand.
