The number of Reels video plays on Facebook and Instagram now top 200 billion per day, up from 140 billion last fall. Reels, Meta Platforms’ answer to viral short-form video app TikTok, elicited eyerolls when it launched in 2020 and was regarded as yet another example of Meta copying a popular rival.
“We can show Reels that we think you’re interested in based on our discovery engines,” Justin Osofsky, Meta’s head of online sales, operations and partnerships, said in an interview on Thursday.
Reels’ annual revenue run rate has jumped to $10 billion (roughly Rs. 82,287 crore), up from around $3 billion (roughly Rs. 24,688 crore) as of last fall and $1 billion (roughly Rs. 8,229 crore) last summer, Meta CEO Mark Zuckerberg said during a conference call with analysts following its second quarter results.
That means Reels is about the size of TikTok’s business as of last year, when it pulled in $9.9 billion (roughly Rs. 81,472 crore) in worldwide ad revenue, according to estimates from research firm Insider Intelligence, which forecast $13.2 billion (roughly Rs. 1,08,630 crore) in global ad revenue this year.
One reason for Reels’ growth is that Meta’s ad platform makes it seamless for advertisers to place their promotions on the feature, said Debra Aho Williamson, a principal analyst at Insider Intelligence.
TikTok and its famous content recommendation algorithm remains the leader when it comes to time spent on social media apps. The average US user spends 53.8 minutes per day on TikTok, versus 48.7 minutes on YouTube, 33.1 minutes on Instagram and 30.9 minutes on Facebook, according to Insider Intelligence estimates.
News & image source : gadgets 360
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