Meta has just released a paid blue tick program for Facebook and Instagram users. This service is predicted to be able to gain billions of dollars for Meta every year.
The Meta Verified service allows users to get a blue check at rates starting at USD 11.99 per month. In addition to the blue tick, customers of this service can get extra protection, direct access to consumer services, and increased visibility and reach.
According to calculations by Bloomberg Intelligence analyst Mandeep Singh, the Meta Verified service can generate USD 2 billion to USD 3 billion per year for the company made by Mark Zuckerberg, as quoted by Bloomberg, Tuesday (21/2/2023).
This amount is indeed not that big compared to Meta's annual income. In 2022, the social media giant posted revenue of USD 117 billion.
Still, Singh thinks the service can help Meta retain small creators who might be willing to pay to get a blue tick like big creators and celebrities. In addition, creators can also protect their accounts and expand the reach of their content.
Meta will release the paid blue tick service in Australia and New Zealand first. Customers who want to get a blue tick must go through a verification process, including showing a valid identity card.
The Meta Verified service was launched shortly after Twitter released the Twitter Blue subscription service. The service allows users to get a blue tick by paying a monthly subscription fee.
CEO and owner of Twitter, Elon Musk, did not stay silent watching Meta release a service similar to Twitter Blue. In his tweet on Twitter, the former richest man in the world said the move was unavoidable.
Inevitable
— Elon Musk (@elonmusk) February 19, 2023
Since launching last November, Twitter Blue seems to have had a hard time attracting customers. According to a report by The Information, as of mid-January 2023, less than 0.2% of Twitter's monthly active users in the United States signed up for subscription services including Twitter Blue.
The launch of Twitter Blue also did not go smoothly because initially everyone could register without going through the identity verification process. Some irresponsible customers use this service to impersonate well-known figures and brands, including Elon Musk and Tesla