Forbes reports that Meta has announced a new premium subscription model for Facebook and Instagram that follows Elon Musk’s Twitter Blue model. The subscription service, Meta Verified, will cost Facebook and Instagram users on mobile devices $15 per month. By comparison, Twitter Blue costs $8 a month. So why did Meta launch a premium social media subscription model, who is it for, and what does it offer?
Meta has launched its premium social media subscription model for content creators.
According to an official Meta blog post, Meta Verified is aimed at “aspiring creators” to help them build their following. Moreover, while the service costs $15 on mobile, it’ only costs $12 monthly for web users. With a subscription, users receive a “verified badge,” similar to the blue checkmark on Twitter, and their account is authenticated with a government issued ID.
In addition, Meta Verified users receive priority monitoring of their account for impersonators and other malicious users who may target content creators. The subscription also gives your posts and account “increased visibility and reach” to grow your audience. You also get “access to a real person” for support questions. Finally, verified subscribers get “exclusive features” to express themselves.
Why are all these platforms suddenly introducing subscription services?
The Meta Verified program follows the lead of Twitter’s Twitter Blue and Snapchat’s Snapchat+ subscription service. When Twitter began charging for premium features, it marked a shift in social media revenue models. Advertising makes up a large portion of social media revenue. For example, Forbes reports that Facebook generated $113 billion of its $116.6 billion in revenue from advertising in 2022.
When Apple allowed iOS users to prevent apps from tracking their activity, it hurt Meta’s revenue significantly. And now governments are cracking down on Big Tech’s targeted advertising practices.
In January 2023, the Irish Data Protection Commission (DPC) fined Meta more than $400 million for its targeted advertising. The DPC is also investigating a recent data leak at Twitter and is auditing the company for data security compliance. As a result, major technology companies, especially social media companies, must now find new ways to generate revenue.
