Meta Platforms Inc’s (NASDAQ:META) new verified subscription service could land nearly 12 million subscribers by 2024. 

That's according to Bank of America Corp (NYSE:BAC) (BofA) analysts who say that Meta could generate $1.7 billion “in high-margin revenue in 2024.” 

Meta’s subscription service is catering to influencers and creators as opposed to consumers. Analysts note that businesses would eventually be able to sign up, reports CNBC. 

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Meta’s subscription model, which is called as Meta Verified, will be rolled out first in Australia and New Zealand this week, followed by other countries.

The service will let users verify their accounts using a government ID to get a blue badge. The service will cost $11.99 monthly on the web and $14.99 monthly on Apple’s iOS and Android platforms.

“This new feature is about increasing authenticity and security across our services,” Meta CEO Mark Zuckerberg announced in an Instagram post on Sunday. 

After Meta announced its subscription service, Twitter CEO Elon Musk said it was “inevitable” that Meta would follow Twitter and charge for verified status via subscription services. 

Subscription services have become an increasingly popular revenue-generation model among social media platforms. 

However, Musk-led Twitter has attracted significantly fewer subscribers than the billionaire might have anticipated. 

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Photo: Courtesy of Anthony Quintano on flickr