Meta Eyes Counterattacks as Social Media Rivals Struggle
variety.comHeidi Chung Note: This article is based on Variety Intelligence Platform’s special report “2023 Media & Tech Trend Tracker,” available exclusively to subscribers. With the rate of growth in digital advertising declining, some market entrants big and small in the social media space are feeling the competitive threat of Meta now more than ever.
After registering as the most popular app download worldwide in 2022, TikTok maintained that title in the first quarter of 2023, racking up more than 186 million downloads, according to data.ai.
Despite its popularity, TikTok’s future remains shrouded in uncertainty as lawmakers look to ban the app in the U.S. A potential ban in the U.S.
would be a major win for Facebook founder Mark Zuckerberg who has a competing feature on Instagram called Reels. To bolster its short-form video monetization, Meta added new functionality to its Reels ads earlier this week and shuttered what it calls its “in-stream reserve” ads, which were targeted to advertisers as an alternative to TV commercials.
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