This is in line with the company’s recent pivoting plans, where Meta said it’d focus more on video and VR products. The new expansion also includes more tools for creators to be creative and earn more, as Meta induces Reels in more sections of Facebook and Instagram.
Expanding Reels Globally
Losing over $250 billion market cap in a day, Meta has already made its mark in the US stock market this month. The company also warned investors of slow growth in the coming years, as it’s facing stiff competition from rivals and lost opportunities in the targeted ads business. Meta cited Apple’s App Tracking Transparency policy for this and said it’s harming its business grow significantly. Thus, it now decided to pursue new channels of revenue – Video and VR products. Meta announced shifting focus to these sections recently, and now announced a major plan based on it. This is to expand its successful short-video product – Reels to more countries. Reels are initially based on Instagram but were also brought to Facebook last year and have been developing aggressively. It’s available in the US and most countries around the world, but expanding to even far to cover all nations increases its base. That too, the young users. Frances Haugen, former Facebook employee and a whistleblower said that young users have been on the decline since 2012, and “only users 25 and above are increasing their use of Facebook.” Thus, focusing much on Reels may help Meta gain more young people. Meta also said to roll out updates for increasing video-making tools and ads, so the creators and Meta can earn more. These include placing Reels on new sections of Facebook and Instagram and having full-screen ads coming in-between content.
