Facebook, the social network that was supposed to remain free “forever,” and its stablemate Instagram launched a paid subscription service on Sunday as part of the advertising-based business model that has long dominated the Internet.
Mark ZuckerbergCEO of Facebook– Parent metaGoogle on Sunday announced the launch of Meta Verified, a service to verify one’s account starting at $11.99 (roughly Rs. 990) per month, that follows a similar move. Elon Musk But Twitter,
“This new feature is about increasing the authenticity and security across our services,” Zuckerberg wrote in a statement posted to Facebook. Instagram,
Meta Verified will be launched in Australia and New Zealand this week before rolling out to markets in the United States and other countries.
According to the company, subscribers will get a badge indicating their account has been verified with a government ID, additional protection against impersonation, direct access to customer support and greater visibility.
The social media giant said that the service will be mainly for content creators who want to expand their presence on the platform and may see adjustments after a testing phase.
There will be no change to previously verified accounts on Facebook and Instagram, the company said, adding that only users over the age of 18 will be allowed to subscribe. The service is not yet available for businesses.
It was not immediately clear how Zuckerberg plans to price Meta Verified in countries where users can’t afford to pay $12 a month, or in cash-based economies where they may have fewer ways to get funds to Meta. .
Musk’s initial efforts last year to launch a similar service on rival social media network Twitter scared off advertisers with an embarrassing flood of fake accounts and cast doubt on the site’s future.
He was forced to briefly suspend the effort before resuming it in December to a muted reception.
‘Free’?
Facebook helped establish the dominant model of large platforms on the Internet today, profiting users from “free” services that collect their data to sell personalized advertising space.
It’s a model that has earned the company billions of dollars a year along with other advertising titans like Google.
For years the Facebook homepage proudly proclaimed that the site “was free and always will be.”
But in 2019, the company quietly abandoned this slogan. Experts at the time suggested that this was because the value of users’ personal data meant that the site was never truly free.
In 2022, Meta sees its advertising revenue decline for the first time since the California-based conglomerate went public in 2012.
The company recently announced that Facebook’s daily users had hit two billion — but between inflated advertiser budgets and fierce competition from apps like TikTok, those users aren’t bringing in as much revenue as they used to. Were.
The company has also faced regulatory changes introduced by iPhone maker Apple, which restrict the social network’s ability to collect data and sell advertising.
Similar factors have already pushed other networks to launch paid plans, from Reddit to Snapchat as well as Twitter.
There is also pressure on Meta to create a larger gaming space, the world of virtual reality which Zuckerberg believes will be the next frontier online.
‘No small fees’
Investors punished Meta last year, sending the company’s share price down an astonishing two-thirds in 12 months, but the stock has recovered some ground in 2023.
Meta announced in November that it would lay off 11,000 employees, or 13 percent of its workforce — the largest staff reduction in the company’s history.
Meta Verified will be cheaper on the web than on mobile apps because of the commission charged by Apple on the iPhone or by Google on smartphones powered by its Android system.
Zuckerberg said it will cost $11.99 on the web and $14.99 (roughly Rs. 1,240) per month on iOS or Android.
The company said it does not expect to make significant revenue from the service during the testing phase, but it is part of diversification efforts.
“Personally, I think it’s more about diversifying revenue,” said Carolina Milanesi, an analyst at Creative Strategies.
After Twitter started its membership, other social media groups thought “well, we might as well try that,” she told AFP.
“From a creator’s perspective I think it’s more of a marketing pitch than true value to creators,” he said.
Platforms are fighting for users and influencers for their attention.
But for Milanesi, the Meta verified offers are “a strange mix”.
“I don’t know whether it gives enough to one category (of users) to justify the amount of money, which is not a small fee.”