Users who submit their government IDs for verification purposes will receive a blue badge, direct access to customer service, and improved security to protect against impersonation. However, to access the Meta Verified badge, users will have to pay $11.99 a month on the web version or $14.99 on iOS.
The product will initially pilot in Australia and New Zealand before being rolled out to other countries. While many users praised the move, some criticized the need to pay for direct access to customer service and questioned Meta’s motives for collecting users’ legal identities.
They also wondered if this was the end of the era of free social media as we know it, with users now having to pay at least $20 a month to access premium services on Twitter and Meta.
The move appears to be a revenue-raising effort by Meta, which has been struggling financially due to competition from other social media platforms such as TikTok, as well as expenses from the recent massive layoff of 11,000 employees. Meta’s market value has dipped by over $600 billion, and it has lost more than $13.7 billion through its metaverse unit, Reality Labs.
The company’s Quest 2 headset sales fell 17% in the fourth quarter of 2022, bringing in just $727 million in revenue.
As a result, Meta’s “Year of Efficiency” seems to involve users paying for services they have previously enjoyed for free, bringing in more revenue to the company.
This move allows Zuckerberg to keep investing in his metaverse and digital coins endeavors without suffering a major fallout with Meta shareholders.
The introduction of the Meta Verified badge service has generated mixed reactions, with some praising it and others criticizing the need to pay for access to customer service. However, given Meta’s financial struggles, this move appears to be an attempt to raise revenue and keep shareholders happy.
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