USA: After parent company Meta became the latest tech giant to adopt a subscription model amid cost-cutting measures across the industry, Instagram and Facebook users will soon have to pay to have their accounts verified.

The "Meta Verified" service, which according to Meta CEO Mark Zuckerberg will "increase authenticity and security" across its social networks, was unveiled on Sunday. He added that this week will see the start of the change in Australia and New Zealand.

In a Facebook post, Zuckerberg described the new system as "a subscription service that lets you verify your account with a government ID, get a blue badge, get additional impersonation protection against accounts claiming to be you, and get direct access to customer support." He disclosed the monthly fees as being $11.99 for the web and $14.99 for iOS.

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In an effort to prevent imposter accounts of famous public figures, organisations, and brands—as occurred when Twitter implemented similar policies—Meta explained in a blog post that government ID will be required to achieve verification status. After being deluged with troll accounts, Twitter was forced to halt the rollout.

Twitter Blue, which Elon Musk, the new owner, announced last year, also enables users to pay for verification status, is another option. Musk responded to Zuckerberg's declaration by claiming that Meta would inevitably follow Twitter's example.

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The move by Meta can be viewed as the most recent indication that Silicon Valley is looking for new sources of income as the industry continues to make cost savings. 11% of Meta's total workforce, or 11,000 employees, were to be let go, the company announced in November.

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Similar iterations of subscription services have been implemented by other platforms like Snapchat and Reddit. The share price of Meta dropped by more than 70% at one point in 2022 before rising again, and the business reported its first-ever revenue decline in July.

According to recent estimates, approximately 93,000 employees of US-based technology companies have lost their jobs so far this year as the industry struggles with rising inflation and a shaky stock market. In the US last year, private and public tech companies cut more than 140,000 jobs.