Meta sure does have something to celebrate as the company unveiled its latest performance update for Q1 of 2023 this week.
The tech giant showcased a great 3% YoY revenue growth during Q1 and that means it’s a reverse of the three consecutive quarters of decline in revenue. And now, we’re seeing the firm’s CEO, Mark Zuckerberg, mentioned how a lot of the credit must go to Reels for playing a huge role in such growth.
The report was launched on Wednesday and it featured Zuckerberg mentioning how Instagram was doing great as people were spending 24% more time on the app, ever since it opted to launch Reels which is flat-out competition for TikTok.
The CEO shared how Reels is turning into a profitable venture and more people are resharing it on a daily basis, with a whopping figure of 2 billion. This figure has really doubled in the past six months as Zuckerberg quotes figures in the transcript.
He similarly mentioned how a lot of the boost in growth and earnings was related to the world of AI and how Meta’s investments in this division are helping to target Reels to the right audiences.
This kind of investment in terms of both recommendation, as well as the company’s ranking system, is driving positive results across the discovery engine, advertising front, and Reels endeavor.
While Meta failed to break down the number of users active on the platforms for its Reels, it’s quite clear that the MAU on the family of platforms that it owns rose by 5% YoY, reaching a massive figure of 3.8 billion.
Facebook even saw a massive 4% YoY rise in daily active users which went up to more than 2 billion, as confirmed in the earnings release.
Meta’s CFO mentioned how the firm is not wasting any time in terms of quantifying the forecasted engagement growth. However, it’s very happy with the engagement that continues to pick up the pace. Hence, it’s clear that short-term videos are being loved by so many people on the platform.
These sets of comments arise after the company faced a fairly tough journey as it entered into the world of Reels. As confirmed by a report in the WSJ last September, the launch of Reels was providing to be a huge fallout for the firm as it just failed to capture users’ attention from arch-rivals like TikTok.
One main reason for such a flop in short video content had to do with how few people were producing content of this kind. This is despite the fact that the number of content creators on the app stood at 11 million during that period. Hence, most reels failed to get a lot of engagement no matter what as per the report citing an internal document of Meta.
While Meta may have refuted the claims mentioned in the WSJ report, it did go on later to admit that it had plenty of work to do in this regard.
Read next: Snapchat Publishes Its Latest Performance Update Featuring Great User Growth But Concerns In Revenue
The tech giant showcased a great 3% YoY revenue growth during Q1 and that means it’s a reverse of the three consecutive quarters of decline in revenue. And now, we’re seeing the firm’s CEO, Mark Zuckerberg, mentioned how a lot of the credit must go to Reels for playing a huge role in such growth.
The report was launched on Wednesday and it featured Zuckerberg mentioning how Instagram was doing great as people were spending 24% more time on the app, ever since it opted to launch Reels which is flat-out competition for TikTok.
The CEO shared how Reels is turning into a profitable venture and more people are resharing it on a daily basis, with a whopping figure of 2 billion. This figure has really doubled in the past six months as Zuckerberg quotes figures in the transcript.
He similarly mentioned how a lot of the boost in growth and earnings was related to the world of AI and how Meta’s investments in this division are helping to target Reels to the right audiences.
This kind of investment in terms of both recommendation, as well as the company’s ranking system, is driving positive results across the discovery engine, advertising front, and Reels endeavor.
While Meta failed to break down the number of users active on the platforms for its Reels, it’s quite clear that the MAU on the family of platforms that it owns rose by 5% YoY, reaching a massive figure of 3.8 billion.
Facebook even saw a massive 4% YoY rise in daily active users which went up to more than 2 billion, as confirmed in the earnings release.
Meta’s CFO mentioned how the firm is not wasting any time in terms of quantifying the forecasted engagement growth. However, it’s very happy with the engagement that continues to pick up the pace. Hence, it’s clear that short-term videos are being loved by so many people on the platform.
These sets of comments arise after the company faced a fairly tough journey as it entered into the world of Reels. As confirmed by a report in the WSJ last September, the launch of Reels was providing to be a huge fallout for the firm as it just failed to capture users’ attention from arch-rivals like TikTok.
One main reason for such a flop in short video content had to do with how few people were producing content of this kind. This is despite the fact that the number of content creators on the app stood at 11 million during that period. Hence, most reels failed to get a lot of engagement no matter what as per the report citing an internal document of Meta.
While Meta may have refuted the claims mentioned in the WSJ report, it did go on later to admit that it had plenty of work to do in this regard.
Read next: Snapchat Publishes Its Latest Performance Update Featuring Great User Growth But Concerns In Revenue
