Facebook parent company Meta Platforms is launching a subscription service called Meta Verified that will include a handful of additional perks and features, including account verification badges for those who pay.
The new subscription will cost $11.99 per month ¡ª $14.99 if purchased through the iOS app ¡ª and is primarily targeted toward content creators. In addition to a verification badge, the subscription includes ¡°proactive account protection, access to account support, and increased visibility and reach,¡± a Meta spokesperson said in an email.
CEO Mark Zuckerberg announced the new product via his Instagram Channel, a service that was unveiled in the past week. The option will be available on both Facebook and Instagram, but they¡¯ll be separate subscriptions.
Subscription offerings have become popular for social networking companies in recent years as a way to diversify their businesses, which are heavily reliant on advertising. Snap has an offering called Snapchat Plus, and Twitter is also pushing a subscription offering right now, with account verification being a major selling point.
Meta makes almost all of its revenue from advertising, but that business can be inconsistent and severely affected by the broader economy. Meta¡¯s business was hit hard at the beginning of the pandemic, for instance, and again last year during the war in Europe and the rise of inflation. Subscriptions offer a more consistent revenue stream.
It¡¯s unclear, though, if users want to pay for services that have always been free. Twitter¡¯s subscription offering has been slow to take off. Perhaps the most valuable aspect of Meta¡¯s subscription package will be ¡°increased visibility.¡± Standing out on Facebook or Instagram is more difficult these days, even among a user¡¯s own followers. The company has started to push users toward more content they may be interested in, not necessarily content from people they follow.
Increased visibility will mean ¡°prominence in some areas of the platform ¡ª like search, comments and recommendations,¡± the company said. Unlike Twitter, which does not verify a user¡¯s identity through the subscription, Meta will require users to confirm their identity with a government ID to receive a verification badge.
Meta is testing the subscription product first in Australia and New Zealand, starting later this week.
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