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Are Your Social Media Accounts Worth Paying For?
February 21, 2023
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Meta is testing a subscription-based model, Meta Verified, where creators and users pay for not just verification, but increased reach, guaranteed customer service and more.
Meta notes businesses can’t apply for Meta Verified just yet.
[But] “Long term, we want to build a subscription offering that’s valuable to everyone, including creators, businesses and community at large,” Meta wrote in a blog.
This is Meta’s first step into the subscription space that is already offered on YouTube, Twitter, Reddit, etc.…
Here’s Why:
As time spent on social media continues to increase, the year-over-year revenue has decreased.
Latest figures from Oberlo show an expected 4.89 billion social media users worldwide in 2023 – a 6.5% increase from a year ago and a massive 79% jump in the past five years.
Facebook (Instagram, Twitter, etc.…) is a business, not a playground.
They need to find new ways to monetize all that time spent using we’re giving them.
What This Means:
Everyone will still be able to use the Meta family of apps without paying. This move is not targeted to the everyday user.
It’s targeted to users and creators who want to increase awareness.
The space we have socially is limited.
Given the waning value of “free reach,” this will offer more opportunity for discovery.
However, if you’re serious about being a social brand, you should be hacking your way along every day – developing fundamentals that make you unforgettable.
You should be evolving with different content forms and showcasing your brand’s values, proving its usefulness, and serving the audience through studying content and acknowledgment.
Don’t shell out the money each month until your engagement comes from entertaining, interesting, or informative content, not cat videos and memes.
Meta Verified will arrive here in North America “soon.”
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