Meta's Instagram now has 2 billion monthly active users worldwide, closing in on the 2.96 billion who use Facebook, in a sign of the social media giant's shifting makeup.
The company disclosed the number during an otherwise-gloomy
earnings report Wednesday, when a shaky ad market clouded Meta's forecast and
sent its shares tumbling. It also said that more than 2 billion people now use
its messaging app, WhatsApp, every day. Meta's total monthly users for its
family of apps number 3.71 billion worldwide.
In June 2018, the company said Instagram surpassed 1 billion
monthly active users. Since then, the app underwent one of the biggest
transformations since it was acquired by Facebook -- now called Meta -- a
decade ago. Instagram shifted away from exclusively showing posts from people
users followed.
Instead, it provided more algorithmically selected content
based on what it thinks they're interested in. The service also added
TikTok-style short-form videos, called Reels, which have been prioritised over
other video formats on the platform.
Meta made those changes in an attempt to keep Instagram
relevant in an increasingly crowded social media industry. Over the past few
years, ByteDance's TikTok surged onto the stage with its popular topics-focused
feed of videos.
On TikTok, videos are algorithmically pushed out to people
who are interested in a certain subject -- rather than just people who follow a
post's creator.
It's important for Meta that its social media platforms
continue to keep users coming back and spending time on Facebook and Instagram.
The company makes the majority of its revenue from
advertisements placed on those platforms. Lately, marketers have been spending
less on digital ads amid uncertain economic conditions, leaving Meta and its
rivals fighting for fewer dollars.
Instagram, acquired in 2012, built an advertising business
that is a major revenue driver for Meta. The business model for WhatsApp,
purchased in 2014, is more nascent. © Bloomberg L.P
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