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    QONEQT in News

    27-Oct-2022 02:00 PM


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    Meta’s fastest-growing format Reels hits $3 billion annual revenue run rate

    Facebook parent Meta’s revenues and profits declined for the second successive quarter as the company continues to battle over expenditure in its Metaverse unit, weakening of its core ad business, and other challenges.
    Among the bright spots in Meta’s Q3 2022 earnings was the performance of Reels — its short-video offering that was launched to take on TikTok.
    That's a 50 per cent increase from six months ago.
    The trends look good here, and we believe that we're gaining time-spent share on competitors like TikTok,” Meta CEO Mark Zuckerberg shared.
    On Instagram alone, users reshare Reels 1 billion times a day via direct messages.
    But while that was happening, monetization efficiency for the new format lagged behind the News Feed or mobile News Feed compared to Stories for some period while that was ramping up,” Zuckerberg explained.
    Source: BusinessToday
    #Meta