A Bank of America (BoFA) research note estimates that Meta's Verified subscription service could generate $1.7 billion 'in high-margin revenue in 2024.'
Bank of America research note said that Meta's Verified subscription service could prove popular for influencers, creators and businesses, helping Meta score $1.7 billion "in high-margin revenue in 2024."Twitter and Snap have recently debuted their own subscription services.
Mark Zuckerberg, chief executive officer of Meta Platforms Inc., center, departs from federal court in San Jose, Calif., on Dec. 20, 2022.new Verified subscription service could land nearly 12 million subscribers by 2024, according to a Bank of America research note published Tuesday.the subscription service in an Instagram post over the weekend, pitching it as a way to increase "authenticity and security across our services." The service, which starts at $11.
The BoFA analysts described Meta's subscription service as catering to influencers and creators as opposed to 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 higher positioning in search and content results," the analysts wrote.
Considering the subscription services costs $11.99 a month, the BoFA analysts said that Meta could generate $1.7 billion "in high-margin revenue in 2024." "Given a broader audience reach and bigger revenue opportunity for creators, we believe Meta could outperform the subscriber ramp of peer subscription offerings ," the BoFA research note said.
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