Bank of America (BoFA) research published on Tuesday predicts that Meta's new Verified subscription service could gain up to 12 million subscribers by 2024.
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Meta CEO Mark Zuckerberg took to Instagram over the weekend to unveil the new subscription service. He said the service aims to promote honesty and security across its services. The plan starts at $11.99 per month and provides users with verification tokens, identity tracking features, and additional tools — all of which are currently in testing in Australia and New Zealand!
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BoFA analysts noted that Meta’s Verified subscription service is specifically aimed at influencers and creators, with businesses. The subscription service could be particularly beneficial for influencers, as it offers a badge that boosts visibility in search engine, potentially giving them higher rankings in search and content results.
According to analysts at Bank of America (BoFA), Meta could generate an impressive $1.7 billion in revenue in 2024 if it maintains its current monthly subscription price of $11.99.
According to a recent research note from BoFA, Meta has the potential to outperform its subscription offerings in terms of audience reach and revenue opportunity for creators. This is due to the expected improvement and quality of services over time.
After successfully launching its Twitter Blue, which costs $8 per month (or $11 on the Apple App Store), Meta recently began testing its own service. According to a recent report by The Information, it has already amassed nearly 300,000 subscribers worldwide!
Snap also has a subscription service called Snapchat+, which the social messaging service debuted in June for $3.99 a month. Snap said in late January during its latest earnings report that Snapchat+ now has more than 2 million users.
Information source: cnbc.com
