Date:
February 20, 2023
Meta, the parent company of Facebook, has launched a new subscription service called "Meta Verified" that allows users to add the coveted blue check mark to their Instagram and Facebook accounts for up to $15 a month by verifying their identity.
This move by Meta is seen as a way to tap into a new revenue stream that has so far returned mixed success for its smaller rival Twitter.
The subscription service, initially rolling out in New Zealand and Australia, is priced at $11.99 per month on the web or $14.99 on Apple's iOS and Google's Android. Users can verify their identity using government-issued ID cards, and the subscription service will offer "increased visibility and reach," improved protection against impersonation attacks, and direct access to customer support.
Meta's decision to launch a subscription service comes as its revenues have taken a hit in recent years following Apple's decision to introduce stringent privacy changes on iOS, which has curtailed the social media firm's ability to track users' internet activities.
The company, which makes nearly all of its money from advertising, has said that Apple's move would cost the company more than $10 billion in lost ad revenue in 2022. This move by Meta also follows social platform Snap launching its own subscription service last year, through which it has already converted over a million users into paid customers, and Elon Musk revamping Twitter's subscription service, Twitter Blue, to offer a range of additional features, including the blue check mark.
While Musk has been a vocal critic of Facebook services, he has bet on turning Twitter Blue into a major revenue driver for Twitter, which he acquired last year for $44 billion. In a blog post, Meta wrote that "long term, we want to build a subscription offering that's valuable to everyone, including creators, businesses, and our community at large. As part of this vision, we are evolving the meaning of the verified badge so we can expand access to verification, and more people can trust the accounts they interact with are authentic."
