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Meta subscription service could have 12 million subscribers by 2024: BofA

by SuperiorInvest

Mark Zuckerberg, chief executive of Meta Platforms Inc., center, leaves federal court in San Jose, California on Dec. 20, 2022.

David Paul Morris | Bloomberg | Getty Images

Meta’s the new verified subscription service could gain nearly 12 million subscribers by 2024, according to a Bank of America (BoFA) research report published on Tuesday.

Meta CEO Mark Zuckerberg he announced subscription service in an Instagram post over the weekend, pitching it as a way to increase the “authenticity and security of our services.” The service, which starts at $11.99 per month, offers a verification badge and identity tracking features and related tools. It is currently being tested in Australia and New Zealand.

BoFA analysts described Meta’s subscription service as a service for influencers and creators, not consumers, and noted that businesses will eventually be able to sign up as well. The subscription service could be attractive to influencers because it could “help them increase visibility and reach with a badge and potentially rank higher in search and content results,” the analysts wrote.

With subscription services costing $11.99 a month, BoFA analysts said Meta could generate $1.7 billion in “high-margin revenue” by 2024.

“Due to the wider audience reach and greater revenue opportunities for creators, we believe Meta could surpass the subscriber base (as a percentage of users) of peer subscription offerings (the service is likely to be refined and improved over time),” BoFA research said. he said.

The following is a test of Meta’s new prepaid service debut from December’s Twitter Blue subscription service, which costs $8 a month for web users and $11 a month for people who buy it through Apple’s App’s Store. The service has nearly 300,000 subscribers worldwide, according to a message according to technology news site The Information.

Snap also has a subscription service called Snapchat+, which the social messaging service debuted in June at $3.99 a month. Snap said in late January during its latest earnings report that Snapchat+ now has over 2 million users.

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