Forbes reports Meta announced a new premium subscription model for Facebook and Instagram, following Elon Musk’s Twitter Blue model. The subscription service, Meta Verified, will cost Facebook and Instagram users $15 a month on mobile devices. In comparison, Twitter Blue costs $8 a month. So, why did Meta introduce a premium social media subscription model, who is it for, and what does it provide?
Meta introduced their premium social media subscription model for content creators.
According to an official Meta blog post, Meta Verified is aimed at “up-and-coming creators” to help build their following. Additionally, though the service costs $15 on mobile, it’ll only cost $12 monthly for web users. The subscription gives users a “verified badge” like the Twitter Blue checkmark and authenticates their account with a government ID.
Additionally, Meta Verified users get priority account monitoring for impersonators and other malicious users who might target content creators. The subscription also gives your posts and account “increased visibility and reach” to help grow your audience. They’ll also get “access to a real person” for support issues. And lastly, “exclusive features” for the Verified subscriber to express themselves.
Why are all these platforms suddenly implementing subscription services?
The Meta Verified program follows suit with Twitter’s Twitter Blue and Snapchat’s Snapchat+ subscription services. When Twitter started charging for premium features, it marked a shift in social media revenue models. Advertising makes up a significant majority of social media revenue. For example, Forbes reports that advertisements generated $113 billion of Facebook’s $116.6 billion in revenue in 2022.
When Apple allowed iOS users to prevent apps from tracking their activity, it severely damaged Meta’s revenue. And now governments are cracking down on big tech’s targeted advertisement practices.
In January 2023, Ireland’s Data Protection Commission (DPC) fined Meta over $400 million for its targeted ads. Additionally, the DPC is investigating a recent Twitter data leak and probing the company for data security compliance. As a result, big tech, especially social media companies, now must find new ways to generate revenue.
