Will Social Media Networks Transition to Subscription Models in 2024?
Social media networks have become an integral part of our daily lives. We rely on them for communication, entertainment, and even business. But will these social networks be around forever or evolve with Social Media Network subscriptions?
Are social media networks going to move away from their current ad-based models and transition to subscription models in 2024?
Let’s take a look at what’s happening ever since Elon Musk began a subscription model over on Twitter with Twitter Blue.
Facebook Meta Subscription
A few days ago Mark Zuckerberg announced a pay model for Facebook users. It is called Meta Verified. The announcement on Meta stated:
A subscription service that lets you verify your account with a government ID, get a blue badge, get extra impersonation protection against accounts claiming to be you, and get direct access to customer support. This new feature is about increasing authenticity and security across our services. Meta Verified starts at $11.99 / month on web or $14.99 / month on iOS. We’ll be rolling out in Australia and New Zealand this week and more countries soon.
Twitter Blue Subscription
The Twitter Blue plan is $8.00 per month. Or if you choose an annual plan it is $7.00 per month.
Blue subscribers with a verified phone number will get a blue checkmark once approved.
LinkedIn has offered a premium version for it’s platform at $39.99/mo.-$99.99/mo. for years now. But since it’s a choice you don’t hear people complaining about it.
Ad-Based Model Struggles
It’s no secret that social media platforms are facing challenges with their ad-based model. Ad blockers, privacy concerns, and other factors have led to decreased revenue for many social networks.
Additionally, companies like Apple are making it more difficult for advertisers to target users based on their data. This has caused some social media platforms to rethink their strategies when it comes to generating income.
Not only that but many social media networks have had layoffs in late 2022 and in early 2023. Meta had their 2nd round of layoffs as well in 2023.
The Subscription Model Option
One option that many social media networks are considering is transitioning to a subscription model. This would mean that users would need to pay a monthly fee in order to access certain features and services on the platform.
The idea behind this is that it would create a more consistent source of income for the company while also providing additional value for users who choose to pay for upgraded services or features.
The Pros of a Subscription Model
One potential benefit of switching to a subscription model is that it could improve user experience. Subscribers would no longer be bombarded with ads, allowing them to focus more on their content and connections rather than being distracted by irrelevant ads.
Additionally, social networks could offer exclusive features or access to subscribers, giving them the incentive to stay active on the platform and pay for the service they’re getting. Twitter, for example, will be offering longer tweets.
You will be able to tweet 4,000 character tweets with a subscription.
Another advantage of a subscription-based system is that it could create more revenue for networks, as opposed to relying solely on ad revenue.
This additional income could help support content creators and ensure that platforms are able to stay afloat without sacrificing quality or service for their users.
Plus, many people may be willing to pay for something they already use every day if it offers better value for money than advertising does.
The Cons of a Subscription Model
On the other hand, there are some downsides to switching over from ad-based platforms to subscription models in 2024. For one thing, many people may not be willing or able to pay for services they have been using for free.
That said, networks could opt for tiered pricing options so that budget-conscious users can still access basic features while those who want more bells and whistles can pay extra for premium features and experiences.
Additionally, some people may feel uncomfortable with paying money in order to keep up with friends and family online — after all, this was once something we were able to do without having to think about spending any money.
What Does 2024 Look Like For Social Media Subscriptions?
It’s hard to say what the future holds for social media networks in terms of monetization strategies. Some experts believe that subscription models could become more popular over time as companies try to combat declining ad revenue.
However, others are skeptical about whether or not users will actually be willing to pay for these services.
In any case, we should start seeing changes within the industry over the next few years if subscription models do indeed become more popular.
Conclusion
It looks like social media network subscriptions may become a norm as we enter the last quarter of2023. If ad revenues decline these companies will have to find ways to raise money for the increasing costs of employees, higher energy costs, and the cost of doing business overall.
Your Turn
Will you pay for social media subscriptions? If so, which networks would you pay for?
*Part of this content was written with the help of Jasper AI.
