Facebook, Instagram could have 12m paying subscribers by early 2024, says Bank of America

$Meta Platforms(META.US)$ new verified subscription service could land nearly 12 million subscribers by 2024, according to a Bank of America (BoFA) research note published Tuesday.
The BoFA analysts described Meta's subscription service as catering to influencers and creators as opposed to consumers, and noted that businesses will eventually be able to sign up as well. The subscription service could be attractive to influencers because it could "help them increase visibility and reach with a badge and potentially higher positioning in search and content results," the analysts wrote.
Considering the subscription services costs $11.99 a month, the BoFA analysts said that Meta could generate $1.7 billion "in high-margin revenue in 2024."

$Snap Inc(SNAP.US)$ also has a subscription service called Snapchat+, which the social messaging service debuted in June with a price of $3.99 a month. Snap said in late January during its latest earnings report that Snapchat+ now has over 2 million users.