Meta Shares Climbed Over 1% As the Company Launched Subscription Service in US
Meta shares climbed over 1% as the company launched subscription service in US.
Meta Platforms Inc on Friday launched its subscription service in the U.S., which would allow Facebook and Instagram users pay for verification in the same vein as Elon Musk-owned Twitter.
The Meta Verified service will give users a blue badge after they verify their accounts using a government ID and will cost $11.99 per month on the web or $14.99 a month on Apple's iOS system and Google-owned Android, Meta said in a statement.
The service, which Meta said it was testing in February, follows in the footsteps of Snap Inc-owned Snapchat as well as messaging app Telegram and marks the latest effort by a social media company to diversify its revenue away from advertising.
After a $44 billion buyout by Musk last year, Twitter had rolled out its Blue subscription service which lets people pay for the blue check mark previously limited to verified accounts of politicians, journalists and other public figures.
The initial launch of Twitter Blue in November had led to a surge in users impersonating celebrities and brands on the platform, which prompted the company to halt the service and reintroduce it with different colored checks for individuals, companies and governments.
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