Remember the early 2000s when social media apps started booming? It was a wild ride, and Silicon Valley was quick to invest in the future of gathering world data. Not only private investors but even governments saw the opportunity to collect and track people’s information effortlessly. It was like a golden plate served to them, and you can find loads of documentaries talking about this fascinating era.
But things have changed now with the current world economy facing challenges like less cash in hand and higher interest rates in banks, investors are looking for better options. Many decided to move their money out or start cashing in on profits. You might think those big corporations are raking in profits, but hold on! Yes, they do make huge revenue from advertising or their other B2B products, but they also have hefty operational costs.
That’s why these tech companies are in a bit of a pickle. They are struggling to find new revenue streams that satisfy their investors and generate more profits. They were hesitant to charge users for using their platforms, but everything changed when Elon Musk acquired Twitter earlier this year. He boldly introduced a subscription model, leaving us all wondering about the benefits it offers in return.
And guess who followed suit? Mr. Copycat himself, Mark Zuckerberg! He introduced the “META Verified” model across his platforms. This offers a subscription-based verification blue tick along with some supposed benefits. I decided to test it myself, and let me tell you, it’s kinda useless. The only real benefit I found was probably the added security to your account. Also,I didn’t like META’s verification process while I understand the need to match legal names, the insistence on displaying faces in profile pictures perplexes me. After all, Instagram isn’t LinkedIn, where formal headshots are a norm. The rationale provided for this requirement appears feeble. Consider this – if someone obtains another person’s legal documents, nothing stops them from grabbing any random profile picture. It hardly enhances real security. In my view, an internal picture, without the option to upload images, would be more accurate and secure, akin to how banks handle it
The problem is that verification used to be a status symbol for celebrities and public figures, setting them apart from regular META accounts. But now, anyone with money can get verified, making it less special. But Mark is no fool! He’s smartly keeping the info about paid subscriptions hidden, encouraging normal users to subscribe. additionally, he didn’t force any pre verified accounts to subscribe which kept both options available unlike Elon’s approach. My assumption is that this new model will attract at least 30% of users to subscribe in the first few months, but it might gradually decrease until only 10% stick around unless Mark comes up with more juicy benefits like increased reach, engagement, exclusive tools or content.
Stay safe!