Meta, which includes worldwide popular applications such as Instagram, WhatsApp and Facebook, shared its earnings report for the first three months of 2023. The company ended the downward trend of the last three quarters by reporting a 3% year-on-year increase in revenues.
CEO Mark Zuckerberg stated that the biggest role in this increase is Instagram’s TikTok-like short video service “Reels”. He also stated that the time spent on Instagram has increased significantly since Reels came out.
Time spent on Instagram increased by 24% thanks to Reels
According to Zuckerberg, since the introduction of the Reels feature with artificial intelligence-supported content recommendations, the time users spend on Instagram has increased by 24%. The billionaire CEO added that their investments in recommendations and ranking systems contributed greatly to this success.
The famous businessman also made statements about how much attention Reels videos have attracted. According to Zuckerberg, users share such videos more than 2 billion times a day. This shows that there has been a double increase in the last six months. On the other hand, Meta CFO Susan Li also stated that they are very pleased with Reels’ contribution to the platform and that people value the short video format.
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