Meta's Reels revenue narrows in on TikTok, boosted by AI
The Hindu
Meta’s Reels’ annual revenue run rate has jumped to $10 billion, up from around $3 billion as of 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.
But on Wednesday, Meta revealed numbers that show Reels videos are growing rapidly among both users and advertisers and are quickly catching up to the ByteDance-owned TikTok app that is beloved by young users and has reshaped the social media landscape.
Meta says the rags-to-riches growth of Reels, which are viewable on both Facebook and Instagram, speaks in part to the company's improving recommendation software, long the Chinese-owned rival's strong point.
"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.
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The number of Reels video plays on Facebook and Instagram now top 200 billion per day, up from 140 billion last fall. TikTok did not respond immediately to a request to provide its daily figures.
The growth of Reels "creates a base that you have the opportunity to further monetise," Osofsky said.
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