The price of a tick for security
Facebook and Instagram-parent Meta has launched a subscription service, called Meta Verified, that will allow its users to add the coveted blue check mark to their Instagram and Facebook accounts for up between $19.99 & $24.99 a month by verifying their identity, its chief executive Mark Zuckerberg said on Sunday, tapping a new revenue channel that has returned mixed success for its smaller rival Twitter.
Meta Verified users will be able to verify their accounts using a government ID
Meta's Mark Zuckerberg says it's aimed at "increasing authenticity and security"
It comes after the launch of subscriptions on Twitter, Snapchat and Telegram
For $19.99 a month — or $24.99 on Apple's iOS system and Android — users will be able to verify their accounts using a government ID and get a blue badge, as Meta looks to help content creators grow and build communities.
It also includes extra protection against impersonation and direct access to customer support.
The subscription service, due to commence in New Zealand and Australia this week. Meta will allow users to verify their identity by using their government-issued ID cards. The company said the subscription service will also offer “increased visibility and reach,” improved protection against impersonation attacks and direct access to customer support.
Meta Verified “is about increasing authenticity and security across our services,” said Zuckerberg in a Facebook post. The subscription service will be extended to “more countries soon,” he said, without elaborating on the timeline. There are many questions, but what appears inevitable is that businesses, influencers and celebrities will be paying for the service.
The revenues of Meta, which has opted not to charge its customers for most of its services in more than a decade and a half since its founding, have taken a hit in recent years following Apple’s decision to introduce stringent privacy changes on iOS that curtails the social firm’s ability to track users’ internet activities. The Zuckerberg-led firm, which makes nearly all of its money from advertising, said last year that Apple’s move would cost the company more than $10 billion in lost ads revenue in 2022.
A paid subscription service is an obvious move for Meta and one that we frequently help clients move towards to create predictable and ongoing revenue.
Some interesting facts
Currently 3.6% of Instagram accounts over 1K followers are verified
20% of mega-influencers & 73% of macro influencers (1M+ followers)
22% are brands and the others are people
Verified accounts have 30% higher engagement rate
What do you think? Will you jump in early to reap the rewards?