Paid Verification; Social Status or Just Confirmation of a Bank Account?

On social media, verified status used to be extremely valuable. A simple blue check mark gave creators and brands the highest authenticity, influence, and confidence among Twitter, Facebook, and Instagram users. ?

Each platform used backend forms and unique fiery hoops to bestow check marks. Demand was so high that Mashable found a black market where people bought verified accounts for $3,000 to $10,000+ each.?

Welp! That's over.?

Paid verification programs dismantle key features invaluable to social platforms' users – trust and clout. The verified check mark prevented impersonators and combatted misinformation. ?

If anyone can pay to get into Soho House – it's still cool, right??

Meta just launched its $12/month "Meta Verified" program to verify Facebook and Instagram accounts. That followed Twitter's $8-/month verification scheme in early January. But since then, Twitter Blue has remained less than 0.2% of monthly users. ??

Twitter Blue is a suite of premium features but makes no claims that it improves reach and engagement. Meta Verified does offer more visibility for subscribers across Instagram, accounts to follow, in search, Reels, and comments on other people's content – but that may blur the line of paid promotion.?

So, what is the value today in being verified? ?

That depends.?

Focus on engaging content if you're casually using social to amplify your brand. We have yet to find proof that verification increases visibility. If you're a journalist, brand, or company whose business relies on credentials, specific programs may increase discoverability and engagement (not trustworthiness).?

Platforms that don't validate for money may hold a genuine opportunity. Despite deepfakes, platforms like TikTok, LinkedIn, and YouTube are less plagued by fraudulent accounts. If credibility is part of your clout strategy, these are channels to focus on getting verified, mainly because they have a business incentive to maintain the status quo. ?

Yes, that was a pun—a great one. Like and follow us on LinkedIn.?

We want to hear your thoughts on this topic. Drop a comment or send us an email at [email protected].??

Cheers,??

MikeWorldWide??

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?Quick Hits: Data?

• LinkedIn published its 2023 Workplace Learning Report, which looks at the key shifts in workplace skills development, finding 93% of organizations are concerned about employee retention, with many seeing learning and development opportunities as key to keeping staff.?
• LTK found that 42% of millennials and 44% of Gen Z have gone to stores to buy creator-recommended products, further proof that creators can be an efficient marketing channel. ?

Quick Hits: Platforms??

• Pinterest shared its Q4 and full-year earnings for 2022 which noted the platform now has over 450M active users, a 4% growth from the previous year.?
• Spotify announced it is launching a vertically swiped homepage to mimic the “tiktokification” of content consumption. Those recs can include video content, like the Canvas videos, or the looping GIFs that already exist on certain music selections.?
• TikTok is rolling out a new screen time limit for users under 18. Every account belonging to TikTok users under 18 years old will soon automatically default to a 60-minute daily screen limit. ?
• Instagram is expanding access to a new monetization feature called Gifts to more creators across the U.S. The feature allows fans to provide a favorite creator with direct monetary support in the form of themed virtual gifts. The gifts are purchased using the virtual currency, Stars.?
• Twitter is going to make text-based two-factor authentication a feature of the Twitter Blue subscription which will dramatically impact the security of millions of non-paying Twitter users.?
• LinkedIn announced a series of new updates to its platforms including: a scheduling feature for users to schedule out their LinkedIn newsletters and article content; a new feature which will allow those who publish LinkedIn newsletter or article content to customize the way your articles appear on search engines.?

?Quick Hits: Podcasts??

• Acast released new research which found that 82% of US podcast listeners follow a podcaster on social media, creating more opportunities for brands to engage with these audiences.?
• iHeartMedia and the National Basketball Association (NBA) launched their first player-led podcast, “Maxey on The Mic,” hosted by Philadelphia 76ers guard and 23-year-old Texas native Tyrese Maxey. “Maxey On the Mic” will feature weekly episodes throughout the remainder of the NBA regular season and beyond.?

Quick Hits: Metaverse & Web3??

• DappRadar found that 9.2M?NFT transactions in January, up 37% from December and the highest sales count in six months. Trading volume in dollars from NFTs also boomed, hitting $946M, up 38% and the most since the $1B peak in June.?
• Newzoo’s new report found that the metaverse is growing in popularity among Gen Z consumers, as they were found to spend more time engaging with games and virtual worlds than on TV.?