Meta’s new verification business could generate a whopping 12 million subscribers for Mark Zuckerberg-owned social media empire, a Bank of America research note said. This makes for a $1.7 billion in “high-margin revenue in 2024”, the research note claimed. The Menlo Park, California-headquartered social media conglomerate is testing its new subscription service in Australia and New Zealand months after Twitter and Snapchat announced their head start in paid verification social media business.
What is Meta’s paid verification service?
The service, announced by Meta Inc. CEO Mark Zuckerberg last week, has been pitched as a way to increase “authenticity and security” across the Meta platforms; Facebook, Instagram, WhatsApp, Messenger and Meta Quest. At present, the service starts at $11.99 per month. This entails a verification badge and identity verification features and related tools. The service is under testing in Australia and New Zealand.
Meta’s paid blue tick service: How is the market reacting?
The analysts have described it as a service that will cater to the influencers and creators and not exactly the consumers. Meta’s paid verification business, however, is expected to take off well.
“Given a broader audience reach and bigger revenue opportunity for creators, we believe Meta could outperform the subscriber ramp (as a per cent of users) of peer subscription offerings (the service will likely be refined and improved over time),” the Bank of America research note said.
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Meanwhile, Snapchat’s paid subscription service, Snapchat+, has amassed over 2 million users. The service was launched in June last year with a price of $3.99 per month. The data for the subscribers amassed by Twitter for its paid verification feature is not published yet.
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