According to financial analysts at Bank of America, about 12 million accounts could use Meta’s subscription offering, known as Meta Verified, by the end of 2023 or early 2024. If users choose to pay the $11.99 monthly subscription for web or $14.99 for mobile, this could generate additional annual revenue of $1.7 billion for Meta. Verified offers access to a blue badge, privacy and customer service tools, as well as a broader audience reach. Bank of America analysts believe Verified could be a “potentially high-margin business” for Meta. Verified is currently being tested in Australia and New Zealand, and those who already have a blue badge on Instagram or Facebook are expected to be able to keep it.
According to analysts, Meta could also diversify its revenue base through content subscriptions and commerce in the future. The company has been cutting costs and budgets and flattening the management hierarchy since a mass layoff late last year. Mark Zuckerberg, Meta’s founder and CEO, has called 2023 “the year of efficiency” and has been looking for ways to get a bigger share of the affiliate marketing business taking place on Instagram.
Analysts note that if Meta were to achieve revenues of $1 billion or more with Verified, it would be a major achievement for the company. However, comparing Twitter and Snapchat subscriptions is difficult because Twitter Blue only has about 300,000 subscribers, and Snapchat+ is more of an early access to new app features.
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