By 2024, Facebook and Instagram could have 12 million paying subscribers

A Bank of America (BoFA) research note published on Tuesday suggested that Meta's new Verified subscription service could attract nearly 12 million subscribers by 2024, suggesting that the service could generate nearly $5 billion in revenue.

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In an Instagram post posted over the weekend, Meta CEO Mark Zuckerberg announced that the subscription service would increase the level of "authenticity and security" across the company. In addition to a verification badge, this service offers identity monitoring features and related tools for an average monthly fee of $11.99. In addition to Australia and New Zealand, this service is currently being tested in other countries.

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Meta's subscription service can be described as catering more to influencers and creators as opposed to the average consumer, but the analysts at BoFA note that businesses will eventually be able to sign up as well as influencers and creators. A subscription service offered by these analysts may seem attractive to influencers because they could increase their visibility and reach by displaying a badge in their content and content results and possibly have a higher ranking in search and content results as a result.

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The BoFA analysts predicted that Meta might produce $1.7 billion in "high-margin income in 2024," given that the subscription services cost $11.99 each month.

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The BoFA research report stated, "We anticipate Meta could surpass the subscriber ramp (as a percent of users) of peer subscription alternatives given a wider audience reach and higher revenue opportunity for authors (the service will likely be polished and improved over time)".

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After the launch of Twitter's Blue subscription service in December, which costs $8 per month for web users and $11 per month for those who buy it via the Apple App Store, Meta is piloting a new subscription service. According to a report by Trade Algo, that service has close to 300,000 subscribers globally.

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Moreover, Snapchat offers a paid subscription option called Snapchat+, which the social messaging platform launched in June for $3.99 per month. Snapchat+ had more than 2 million users as of late January, according to Snap's most recent earnings report.