The Bank of America Corporation (BofA) stated on Tuesday that Meta Plaforms Inc.'s services Facebook and Instagram could rack up nearly 12 million paid subscribers by early 2024.
The BofA said in its research note that paid subscriptions and benefits they offer were created to attract influencers and content creators rather than regular users as it might "help them increase visibility and reach with a badge and potentially higher positioning in search and content results."
"Given a broader audience reach and bigger revenue opportunity for creators, we believe Meta could outperform the subscriber ramp (as a percent of users) of peer subscription offerings (the service will likely be refined and improved over time)," the BofA stated, adding that this could lead to Meta earning $1.7 billion "in high-margin revenue in 2024."
