Meta’s verified subscription service can lead to up to $1.7 billion in high-margin revenue for Meta in 2024, states recent research by Bank of America. According to the multinational financing company, Meta’s approach to the new verification system will become very popular with social media celebrities and influencers, as well as become a must-have advertising platform for businesses.

Bank of America further stated in their research that Facebook and Instagram’s verified subscription methods could land Meta nearly 12 million subscribers by 2024. At the time of writing, the subscription for these Meta platforms will cost US$11.99 on the web and US$14.99 on the iOS and Android mobile platforms. The service will be launched in Australia and New Zealand before globally releasing in other countries.

As per the analysts from Bank of America, Meta’s subscription service will largely cater to influencers and content creators instead of regular consumers, with the reason being that influencers can “increase visibility and reach” using the badge of verification offered by the new subscription service. The Bank of America analysis also adds that the verified badge will allow “potentially higher positioning in search and content results”.