Meta Platforms announced last weekend the launch of Meta Verified, a paid certified subscription service on Instagram and Facebook, for $11.99 per month. Research released Tuesday by Bank of America Securities reported that the new subscription service could gain nearly 12 million subscribers by 2024. Analysts believe Meta’s subscription service is meant to cater to celebrities and creators, not consumers. Analysts noted that considering the pricing of the newly launched subscription service, Meta could generate high-margin revenue of $1.7 billion in 2024. In addition, given a wider audience and more revenue opportunities for creators, analysts believe Meta is likely to outperform its peers in terms of subscribers as a percentage of users.