Meta Platforms Inc. (formerly known as Facebook Inc.) has launched a new paid subscription service, allowing users to verify their accounts using government-issued identification. This verification will give users a blue tick mark, similar to what is already available on Twitter, to indicate that their accounts are authentic.
It will cost $11.99 for web access or $14.99 a month on iOS and Android. Meta’s new subscription service, which grants users a verification badge in exchange for a monthly fee, is similar to Twitter’s revamped Twitter Blue service. There will be no changes to accounts on Instagram and Facebook that are already verified based on prior requirements, including authenticity and notability.
Subscribers to Meta’s new paid subscription service will enjoy several benefits, including,
Zuckerberg in a Facebook post said, Meta Verified “is about increasing authenticity and security across our services.”
Meta’s introduction of pay-for-identity verification on social media is a sign of the company’s efforts to diversify its revenue streams. Its ad business has declined following Apple’s decision to curtail its ability to track users’ online activities on iOS after it introduced stringent privacy changes. Last year, Facebook, which makes its money almost entirely through advertising, estimated that Apple’s move would lose the company $10 billion in ad revenue by 2022.
Meta is already late to the party! Other major platforms, including YouTube, Twitter, and Snapchat, have already launched premium subscription services to appeal to their most dedicated users and increase their average revenue per user (ARPU).
Meta Verified will be rolled out first in Australia and New Zealand this week and in other countries soon. While most other platforms have tested subscription plans in the U.S., Meta plans to start with a smaller market.
Paid verification badge programs are becoming more common as companies attempt to generate additional revenue. However, users are increasingly selective about paid services, even for products and services they receive. Identity verification is particularly intangible, which may make it even less appealing to users. Although it is a smart move to help diversify against the dependence on ad revenue, its success is undetermined. Conservatively, even if it converts a small percentage of its monthly active users, it can generate meaningful revenue.
It will be interesting to witness if the users find it valuable to pay for these services.
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