Meta, the parent company of Facebook, has launched a subscription service called "Meta Verified" that allows users to receive the coveted blue tick on their Instagram and Facebook accounts for a monthly fee of up to $15. According to Mark Zuckerberg, CEO of Meta, the subscription service will be launched in New Zealand and Australia this week, and will soon be expanded to other countries. The move aims to expand Meta's revenue channels, which have been hit hard by Apple's privacy changes.
Meta has announced that it will begin charging users for its services through a new subscription service called Meta Verified, which allows users to verify themselves and add the desired blue tick to their Instagram and Facebook accounts. The move comes after smaller rival Twitter launched its own subscription service Twitter Blue, which offers additional features, including a blue tick. Elon Musk, which bought Twitter last year for $44 billion, has been a vocal critic of Facebook and has revamped Twitter Blue to turn it into one of the company's main revenue drivers.
Price Meta Verified will $11.99 per month online and $14.99 on iOS and Android and will offer increased visibility and reach, improved protection against phishing attacks and direct access to customer support. Users will be able to confirm their identity with identity cards, which he published state bodyn. The service will be launched this week on New Zealand and in Australia, with plans to expand to more countries soon.
Meta in the past, it did not charge its customers for its services, but the company's revenues fell after Apple's privacy changes. Last year Meta said it would Apple's the move cost the company more than $10 billion in lost ad revenue in 2022. Meta aims to create a subscription offering that is valuable to everyone, including creators, businesses and the wider community.
Blue tick has long been a coveted feature on social media platforms and was previously reserved for public figures such as lawmakers, actors, musicians, athletes and journalists. Elon Musk claimed that the feature should be open to everyone and those who hit the blue tick outside of the subscription Twitter Blue, they will eventually lose it.
Meta's stock has rebounded in recent weeks, but the company is still reeling from the market's harsh response to its grand metaverse vision. The company has pledged to reduce its spending by ambitions of the metaverse and has fired approx. in the last two months 11,000 employees. Still, analysts at Bernstein wrote that Meta has found its own belief in efficiency/returns, and investors now find a leaner, sharper company ahead of them. Well done Zuk!