Mark Zuckerberg, chief executive officer of Meta Platforms Inc., center, leaves federal court in San Jose, Calif., on Dec. 20, 2022.

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Meta New subscription service Verified could attract nearly 12 million subscribers by 2024, according to a Bank of America (BoFA) research note published on Tuesday.

Meta CEO Mark Zuckerberg announced the subscription in a post on Instagram over the weekend, calling it a way to increase the “authenticity and security of our services.” The service, which starts at $11.99 per month, offers a verification badge, face monitoring features and related tools. It is currently being tested in Australia and New Zealand.

BoFA analysts described Meta’s subscription service as catering to influencers and creators, not consumers, and noted that eventually businesses will also be able to subscribe. A 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.

With subscription services priced at $11.99 per month, BoFA analysts said Meta could generate $1.7 billion in “high profitability in 2024.”

“Given the larger audience reach and greater revenue opportunities for creators, we believe that Meta can outpace the subscriber growth (as a percentage of users) of peer-to-peer subscription offerings (the service is likely to evolve and improve over time),” research BoFA note said.

The testing of Meta’s new subscription service follows the debut of Twitter’s Blue subscription service in December, which costs $8 a month for web users and $11 a month for people who buy it through the Apple App Store. The service has nearly 300,000 subscribers worldwide, according to a report by tech news website The Information.

Snap also has a subscription service called Snapchat+, which debuted in June for $3.99 a month. In late January, during its most recent earnings report, Snap reported that Snapchat+ now has more than 2 million users.

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