Facebook-owner Meta to roll out paid subscription

CEO Mark Zuckerberg announced Sunday that Facebook and Instagram owner Meta would launch a paid subscription service starting at $11.99 a month, allowing users to verify their accounts following a similar move by Elon Musk at Twitter.

Zuckerberg said, Meta Verified, which will roll out first in Australia and New Zealand this week, 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.”

There would be no changes to accounts on Facebook and Instagram that are already verified, the company said, adding that only users who are over the age of 18 will be allowed to subscribe. The service is not yet available to businesses.

Meta’s announcement comes as the social media giant grappled with financial difficulties over the past year, announcing in November that it would lay off 11,000 employees or 13 percent of its staff – the largest worker reduction in the company’s history.

The layoffs are part of a wave of redundancies announced by Silicon Valley giants in recent months, as the once unassailable sector faces economic gloom.
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 has remained optimistic about Meta’s future.

Sources: CGTN