Last week, the international financial market had the opportunity to stir about the decision of technology giant Meta (Facebook’s parent company). According to the sharing of Facebook boss, Mark Zuckerberg on his personal page, Facebook, Instagram will deploy Meta Verified service, a service that allows social network users to verify their accounts through custom documents. identity, such as passport, citizen identification, or driver’s license… After using the service, users will receive a blue circle tick next to their account name.
Meta says this is how social media users can protect their personal accounts from being impersonated. Facebook green tick service is sold for $11.99/month (about 285,000 VND) on the web interface and for 14.99 USD/month (about 360,000 VND) on iOS or Android platforms.
Currently, the new “Blue Tick monthly subscription” package is being tested by Facebook in Australia and New Zealand, then expanded to the US and other countries.
Facebook take advantage?
Green Tick was born in 2014, so why is Meta now thinking of charging a fee to authenticate the main account for users?
Over the years, Facebook in particular and Meta in general have received a lot of complaints about customer care issues, especially the authentication and protection of user accounts. Which, according to Meta, is very expensive. Therefore, according to Meta, the fee is to offset costs and provide better user support services.
But according to experts, this is actually one of Meta’s best efforts in the context of a serious decline in revenue. One of the reasons is that last year Apple rolled out a series of measures that limit the ability of apps to track user behavior. Meta estimates this cost them billions of dollars because targeted ads can’t reach users.
In fact, at the beginning of February, Meta reported a 1% decline in revenue for the first time in 2022, to $ 116.6 billion, even though the number of Facebook users reached 2 billion for the first time.
Facebook wants to take advantage of Mark Zuckerberg’s Meta Verified will not repeat the “sad” lesson of
Not only Meta but the entire technology industry is currently going through a challenging period and was forced to lay off more than 100 thousand employees in less than 2 months in the first 2 months of this year to cut costs, optimize operations, at the same time find ways to diversify income sources.
Since November last year, Elon Musk has announced the Twitter Blue translation package for $ 8 / month on the web and $ 11 / month on iOS. Snapchat and Telegram also launched paid subscription services in 2022. So it’s not surprising that Meta is rolling out user account authentication plans at this time.
Lesson “sad” or billions of dollars in revenue?
Meta Verified, although with a cheaper fee of only 8 USD / month, but as of last January, only about 180,000 people in the US, or less than 0.2% of US users monthly registered to pay for the service. Twitter’s green service is Twitter Blue.
Not to mention, after being deployed, Twitter’s service has been rated as a “disaster” by both users and advertising customers when creating a wave of fake accounts buying green ticks. Twitter shares were also affected significantly.
Mark Zuckerberg’s Meta Verified won’t repeat the sad lesson that Elon Musk’s Twitter Blue has gone through
Going after, it is certain that Meta has more or less learned from its predecessors by using identification documents issued by governments, such as passports or identification cards, as a basis for verification. and authenticate the main account for the user.
But this measure is not new because for those who have had their Facebook accounts taken over, they have to provide Meta with these documents to get their accounts back. So experts say, no matter what, the main goal of Meta is still to find new sources of revenue.
Because according to estimates, currently Facebook and Instagram have a total of more than 4 billion regular users. Just a small number of users of these 2 platforms using Meta Verified service, the amount of Meta earned monthly is already very large. But Meta, and most likely other social media platforms, is facing an emerging problem.
According to experts, basically, Meta and social networking platforms profit from users, especially content creators, who by means of that content attract users to view and then sell ads. . Meta should have supported and facilitated them to create more engaging content. But instead social networking platforms like Meta turn to charge their own users.
This seems a bit paradoxical and will probably face the reaction of users, especially content creators.
Bank of America predicts Meta Verified will bring in billions of dollars for Facebook
However, in the opposite direction, Bank of America has an optimistic view with Meta’s collection strategy, which estimates 12 million users will sign up for this service between now and the end of the year. $1.7 billion is the company’s marginal revenue through 2024. Earnings per share will increase 3%
Recorded in Australia, where Meta tested the first green fee collection service, Nickson Rajkarnikar, a Sydney resident, said: “Facebook is just a place where I surf and kill time. Why should I? spend money on unnecessary things.
Similarly, Abbie Muntz asserts: “I won’t pay for Facebook. I just deleted Facebook from my phone because it’s too time consuming. I feel like if I don’t pay, Facebook might give my wall a wall. filled with ads, then spam… as a way to punish for not spending $20 a month.”
In Vietnam, a survey on the fanpage of VTV24 News Center, with more than 6,300 answers and nearly 500 comments, did not have an audience choose to spend 300,000 VND/month for the service to prove the owner on social networks. festival.
Meta Verified is a “double-edged sword” with Facebook?
Currently, some people think that achieving a green mark is mainly “going up from strength”, it takes many years, it must have articles written about them, and have an impact in the community. And now anyone can buy green ticks on Facebook. Can this cause the green tick to be “normalized” in the eyes of users and businesses?
“People who already have a green check feel that they are devalued, so their creativity on social networks will be reduced. They can leave to another platform to make them more creative, to provide more content. It’s not a small number of people, it’s definitely a lot of people. This is a “double-edged sword.” Facebook’s doing this is really disappointing for creators. current content”, said Mr. Tuan Ha, Founder of Digital Marketing Training Academy Vinalink Academy
Like Twitter, this is Meta’s test. Whether a newly launched service is successful and well-received depends on the feedback and evaluation of the market and users in the near future.
However, according to economic experts, not only will social media begin to limit certain services, but more and more companies, in many fields, from food delivery, fitness, and deep learning. Even car manufacturers follow a monthly fee model to consumers.
The IMB report estimates that the global subscription service market is expected to double in size between 2020 and 2026, from $5.1 billion to $5.1 billion. 12.5 billion USD.