Image credit: Brett Jordan
Content consumption on the worlds largest social media platform is is now dominated by video.
CEO Mark Zuckerberg said in the company’s earnings call: “Video now accounts for almost half of all time spent on Facebook.” Adding: “Reels is already the largest contributor to engagement growth on Instagram. “On-demand video like in Facebook Watch is also growing quickly and is now growing faster than in other types of video or content in News Feed”.
This is no surprise as video content has been on the rise on social media for the past couple of years. Short-form video is the most popular with apps like TikTok dominating and pushing other social media to mimic them due to their success, for example, YouTube Shorts and Instagram Reels.
Facebook’s financial status also saw positive news as revenues grew by 56% year-on-year to $29.08 billion in the second quarter of 2021, making its net profit $10.39 billion. Facebook now also boasts 1.91 billion daily active users, 2.9 billion monthly active users, and its other social media platforms such as Instagram, WhatsApp, and Facebook Messenger are now used by 3.51 billion people a month.