Meta Platforms, Inc (NASDAQ: META), previously known as Facebook, is introducing a new subscription service called Meta Verified, following the recent relaunch of Twitter Blue service. The new service aims to help emerging creators grow their presence and community more quickly. The new service includes a verified badge on Facebook and Instagram that confirms the authenticity of users’ accounts with a government ID, extra protection for accounts against impersonation, account support, and increased visibility and reach. Additionally, there will be some exclusive features.
Meta Verified Subscription: Cost and Features
Mark Zuckerberg, the CEO of Meta, announced on Facebook and Instagram that a new subscription service named Meta Verified will be launched in Australia and New Zealand this week and will soon be available in other countries. Users will obtain a blue badge and direct customer support by paying $11.99 per month or $14.99 on iOS. The company has labelled this initiative as a “gradual test.”
Eligibility and Verification for Facebook, Instagram Blue Tick
Subscribing to Meta Verified requires accounts to fulfil certain activity requirements, including having a previous posting history and being of legal age (at least 18 years old). Applicants must also provide a government-issued ID that matches the profile name and photo of the Facebook or Instagram account they’re applying for. Additionally, the subscription will give proactive account impersonation monitoring.
Meta’s paid blue badge for Facebook and Instagram will not be available to everyone, and businesses currently are not allowed to apply. The social media giant has prioritized safety from the beginning and will monitor for violations and take action against offenders.
Meta has also planned to expand access to verification and redefine the meaning of the verified badge to ensure authenticity in account interactions. For instance, if a user changes their identity details, such as their profile name, username, date of birth, or photo, they will have to undergo the verification process again to regain the verified symbol, according to the company.
Meta’s Focus on Authenticity and Security with Meta Verified
According to CEO Zuckerberg, the purpose of this new attribute is to boost the authenticity and security of their services. To qualify for Meta Verified, users must provide a government ID to confirm their identity, and they are only permitted to use their legal names on their profile pages. Furthermore, Zuckerberg stated that subscribers would receive additional protection against accounts claiming to be you.
Meta Verified will be introduced to the United States in the coming weeks, as per the company’s spokesperson, who refrained from disclosing the names of other countries where this service will be available.
Meta Verified requires Facebook and Instagram accounts to be registered separately, which implies that individuals who want blue badges on both of their profile will need to pay a minimum of $24 per month. However, the spokesperson stated that Meta aims to provide bundled subscriptions in the future.
Meta announced in a blog post that those who already have verified accounts on Instagram and Facebook can keep them for now without any charge. The new paid service, as per the company, is intended to assist emerging creators in expanding their presence and creating communities faster.
According to its most recent financial report released by parent company Meta, Facebook’s ad revenues in 2022 hit $113.6 billion, representing a 1.1% fall from the previous year. According to the company, the decrease is a result of low demand for advertising.
Although Meta is investing billions in its transition to the metaverse, the company is seeking new revenue streams and reducing expenditures, despite being heavily reliant on advertising revenue. In addition, during the latest quarterly earnings report, Mark Zuckerberg declared that the company would focus on increasing its efficiency and agility in 2023. This indicates that the company is looking to streamline its operations, cut costs, and improve its overall performance to stay competitive in the market.
Meta’s decision to introduce a subscription service comes after Twitter, under its new owner Elon Musk, implemented a plan to charge $8 per month for blue tick marks via its Twitter Blue subscription. In addition, Twitter recently announced that it would shortly withdraw two-factor authentication via text messages for users who do not subscribe to Twitter Blue.
Elon Musk recently faced criticism over his decision to launch a blue subscription last week. However, Mark Zuckerberg has demonstrated that such a move can be successful and sustainable by launching the Meta subscription on Facebook.
Social media platforms heavily rely on advertising as their primary revenue source; therefore, it is unlikely that they would stop investing in advertisements altogether.
However, in recent years, social media platforms have faced criticism and scrutiny over their advertising practices, including concerns over user privacy and spreading misinformation. As a result, these platforms are exploring alternative revenue streams to diversify their income and reduce their reliance on advertising. This includes subscription-based services, as we have seen with Meta’s new subscription service and Twitter Blue subscription. However, advertising will likely remain a significant revenue source for social media platforms for the foreseeable future.
