You are using an older browser version. Please use a supported version for the best MSN experience.

Meta's fortune expected to soar by $1.7 billion with paid verification service

WION logo WION 22-02-2023 Mukul Sharma
© Provided by WION

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. 

ALSO READ | Will Meta's new paid subscription divide users into 'haves and have-nots'? Experts think so

"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.

ALSO WATCH | Meta introduces a monthly subscription model


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. 


You can now write for and be a part of the community. Share your stories and opinions with us here.

More from WION

image beaconimage beaconimage beacon