Instagram’s move to imitate Twitter’s infamous $8 blue checkmark verification feature has paid off, bringing the company more than $15 million in revenue.
Instagram’s own version, called Meta Verified, was introduced in March and has proved to be a success, quadrupling the platform’s in-app revenue from the App Store, according to an analysis by Appfigures.
Prior to the introduction of verifications, Instagram’s net revenue from the App Store was around $1.5 million per month, based on estimations from industry experts.
Despite Apple’s share deductions, this revenue was earned through the sale of badges and a pilot program that allowed users to subscribe to their favorite creators.
Following the launch of verifications in the US in April, which allowed users to purchase a blue checkmark for $14.99 per month, revenue saw an immediate increase.
In March, net revenue from the App Store amounted to $4.4 million, with verifications likely accounting for approximately $2.5 million of that revenue, the report said.
The figures rose to $6.4 million in April and $7 million in May. In June, there was a slight dip of 4%, resulting in $6.8 million in revenue, as estimated by industry analysts.
Excluding badges and subscriptions, it is estimated that verifications alone have earned Instagram a staggering $16.8 million in net revenue from the App Store since its launch in April.
During the four months since the introduction of verifications, Instagram’s total revenue reached $24.6 million.
Zuckerberg Copies Musk’s Playbook With Blue Checkmarks
Meta founder Mark Zuckerberg seems to have taken a page out of Elon Musk’s playbook with the introduction of blue checkmarks.
After Musk’s acquisition of Twitter last year, the social media platform incorporated paid verification for $8 per month as part of its revamped Blue subscription service.
Previously, the blue checkmark was a symbol reserved for public figures such as politicians, actors, musicians, athletes, and journalists.
However, Musk has been a vocal advocate for opening up blue checkmarks to everyone.
Following in the footsteps of Musk and Twitter, Meta rolled out its blue checkmark in March.
“Meta Verified is rolling out in the US today,” Zuckerberg said at the time. “You can get a badge, proactive impersonation protection and direct access to customer support.”
Meta Verified costs $11.99 per month on the web and $14.99 per month on mobile.
Instagram added paid verification with even less features than Twitter Blue has. pic.twitter.com/NrLSOpnmmN
— Jari Juvonen (@maybejari) July 17, 2023
Unlike Twitter, Instagram and Facebook users who were already verified did not have to pay for their verification.
It is worth noting that Meta and Twitter are not the only companies that have introduced subscription services.
Snap launched its own subscription service last year, successfully converting 2.5 million users into paid customers.
How to Get Verified on Meta Platforms?
In order to get verified on Instagram or Facebook, users need to access the settings portal on the app and navigate to the “Accounts Center” option.
If the subscription service is available for their account, they will see a notification stating “Meta Verified available” under their name and profile picture.
They are then required to select a preferred payment method for their monthly plan and complete the verification process.
To begin the verification process, users should follow these steps:
- Go to the Instagram profile and tap the hamburger icon in the top right corner.
- Select “Settings” from the menu.
- Tap on “Account.”
- Choose “Request Verification.”
- Fill in the application form, providing your legal name, working name (if applicable), and selecting your category or industry.
- Submit a photo of your official government ID for individuals, or official business documents for businesses.
- Tap “Send” to submit the application.
Instagram’s verification team will review the application, and users will receive a response in their notifications tab within a few days to a week.
It’s important to note that Instagram will never email users, ask for money, or reach out through unofficial channels. The response will be a direct “yes” or “no,” without any feedback or explanations.
Meta Launches Threads to Compete With Twitter
Meta has launched a new social media app that is aimed as a rival to Elon Musk’s Twitter.
Dubbed Threads, the app is a new text-based social media platform deeply intertwined with Instagram.
It acts as a standalone app linked to Instagram, allowing users to port over their accounts to the new platform, log in with their existing Instagram credentials, and maintain their handle and verification status.
Resembling the familiar look of Twitter, Threads allows users to post text and links, respond to or repost messages, and importantly, port over their existing follower lists and account names from Instagram, which boasts over 2 billion users.
The app has already become the fastest-growing app over the past decade, surpassing 100 million users in only five days.
However, according to a report from data analytics company Similarweb, the number of daily active users on Threads dropped from 49 million to 23.6 million in just a week.
Furthermore, the app has seen a sharp decrease in time spent on the platform.
According to the report, US users averaged 21 minutes of usage of the app on July 7. However, by July 14, that was down to a little over 6 minutes.
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