Facebook and Instagram’s parent company, Meta, announced on Sunday that it will launch a paid subscription service that allows users to verify their accounts. CEO Mark Zuckerberg said that Meta Verified will roll out first in Australia and New Zealand this week, starting at $11.99 a month. The service will let users “verify your account with a government ID, get a blue badge, get extra impersonation protection against accounts claiming to be you, and get direct access to customer support,” according to Zuckerberg.
Increasing Authenticity and Security Across Services
Zuckerberg said that the new feature is about increasing authenticity and security across their services. The service is not yet available to businesses and there will be no changes to accounts on Facebook and Instagram that are already verified. Only users who are over the age of 18 will be allowed to subscribe.
Similar Efforts by Twitter’s Elon Musk
Meta’s announcement follows a similar move by Elon Musk at Twitter. Musk’s attempts to launch a similar service last year backfired with an embarrassing spate of fake accounts that scared advertisers and cast doubt on the site’s future. He was forced to briefly suspend the effort before relaunching it to muted reception in December.
Financial Difficulties and Layoffs
Meta’s announcement comes as the social media company has faced financial difficulties over the past year. The company announced in November that it would lay off 11,000 employees or 13% of its staff, which was the largest worker reduction in the company’s history. Silicon Valley giants have also announced waves of redundancies in recent months.
Investors Punish Meta Over Metaverse Gamble
Meta is also under pressure for making a huge gamble on the metaverse, the world of virtual reality that Zuckerberg believes will be the next frontier online. Investors last year punished Meta, sending the company’s share price down by an astonishing two thirds over 12 months, but the stock has recovered some of the ground in 2023.
Zuckerberg Remains Optimistic About Meta’s Future
Despite the challenges, Zuckerberg has remained optimistic about Meta’s future. Earlier this month, the company reported its first annual sales drop since it went public in 2012, but the fall was less brutal than expected. The company also recently announced that the number of daily users on Facebook hit two billion for the first time.
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