Reels is a way to get people to spend more time on the app, going head-to-head with Bytedance’s TikTok
Success requires a better algorithm, and cooperation from advertisers and creators. Picture: BLOOMBERG
There’s the long-term investment in the metaverse, creating hardware and software for a virtual reality-fuelled future internet. And in the near-term, there’s the initiative for improving the company’s social media recommendation algorithm, to better highlight content from people you don’t know — especially in Reels, the video format taking over Instagram.
“Instagram, by far right now, is a probably strategically more important asset to Meta” than any of the rest of its family of apps, Lee said. The number of users on Meta’s legacy Facebook app has largely plateaued over the past 18 months, while the amount it makes for each user slid to the lowest in six quarters.
Milestone two, he said, would be getting Reels ads to make money as quick as other places marketers can spend on the app. “We’ve hit milestone one — we are well on our way but not yet at milestone two.” Once that ranking system is improved, it won’t just help capture Instagram users’ attention — it will help inform the advertising business. Meta is trying to find new ways to target users with relevant promotions following privacy rules from Apple that have made it more difficult to gather user data on iPhones.
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