Facebook parent company Meta has launched a monthly subscription service called Meta Verified that allows an individual to get the coveted blue check mark on Instagram and Facebook by verifying their identity and tapping into a new revenue channel that has had mixed success for its smaller rival Twitter.
The subscription service, first rolling out this week in New Zealand and Australia, costs $11.99 per month on the web or $14.99 on Apple’s iOS. (The company hasn’t said when it plans to make the service available for purchase through its Android apps.) Meta Verified allows a user to verify their identity using their government-issued identity card. The subscription service also offers enhanced counterfeit protection and direct access to customer support, Meta said.
Meta co-founder and CEO Mark Zuckerberg said in a Facebook post that Meta Verified “is about increasing the authenticity and security of our services.” He said Meta Verified will launch in “more countries” soon, but didn’t elaborate. We’ve asked Meta some additional questions and will update the story when we hear back.
Sunday’s announcement comes months after Elon Musk revamped Twitter’s subscription service, Twitter Blue, to offer a range of additional features, including the blue tick. In recent months, Twitter has expanded Twitter Blue to more than a dozen markets, including India and Indonesia.
Musk is betting on turning the subscription service into a major revenue stream for Twitter, which he acquired last year for $44 billion – $13 billion of which he borrowed from banks. Musk has to pay more than $1 billion in interest every year.
The blue tick has long been one of the coveted features on social media platforms. Previously, it was reserved for public figures such as legislators, actors, musicians, athletes and journalists. Musk has criticized the idea, arguing that the feature should be accessible to everyone. He has said that those who achieved the blue tick outside of the Twitter Blue subscription will eventually lose it. Zuckerberg didn’t say whether Meta plans to recreate its entire verified library, nor did he mention whether the subscription service will expand to businesses.
Meta, whose shares have rallied in recent weeks, is also reeling from a harsh market reaction to its grand metaverse vision. The company, which has laid off some 11,000 employees in the past two months, has pledged to cut spending on its metaverse aspirations. It is reportedly planning another round of layoffs soon.
“The thing about religion is that it requires a leap of faith. Believe in something that you may never be able to prove conclusively. And there will be times when that belief will be tested, times when you will question everything you previously accepted as fact. Dramas aside, 2022 has been a challenging year for believers in the House of Zuck, with many pushed to their limits or throwing in the towel, culminating in the capitulation we saw last quarter,” Bernstein analysts wrote this week. month in a note.
“But it seems that Meta has found their own religion in terms of efficiency/profitability and investors are now finding a leaner, sharper company for them.”