It’s not the first time critics have declared the end of Facebook. But while it’s not all roses and diamonds for Mark Zuckerberg…
… There’s no reason to panic if Meta is your main marketing channel.
Let’s bust the biggest myths about Meta’s decline with the help of Ben Thompson from Stratechery:
Myth 1: Users are deserting Facebook
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Facebook daily active users (DAUs) were 1.98B on average for September 2022, an increase of 3% year-over-year. And monthly active increased by 2% on a yearly basis.
Myth 2: Instagram engagement is plummeting
TikTok usage is growing at Meta’s expense, there’s no denying that. However, TikTok expansion isn’t reversing Meta’s growth, it’s just depressing it. Moreover, aggregate time spent on Instagram and Facebook is up year-over-year, both in the US and globally.
Myth 3: TikTok is dominating
According to Sensor Tower data reported by Morgan Stanley, TikTok usage appears to be plateauing, whereas Reels usage is growing across Facebook and Meta. Maybe Reels won’t surpass TikTok, but they’re not being destroyed by it, either.
Myth 4: Advertising is dying
Apple’s App Tracking Transparency (ATT) policy was a big hit to Meta’s advertising, but it’s far from dying. There are still plenty of ads on Facebook. And there isn’t a better alternative to Meta for top-of-funnel advertising. Besides, Meta is working to move more conversions onto their platform to fight back ATT, which is good news for you.
Myth 5: Meta is putting all their eggs on the metaverse
Meta is not spending all their money on the metaverse. It is, however, spending big on AI. And that goes in two directions: Building a better algorithm for Reels to compete with TikTok, and undoing the damage from ATT with a smarter advertising algorithm. If mainstream media headlines had you worry about Meta… well, there is no reason to.
To sum up
Don’t look at Meta’s stock price. Focus on stuff you can control like your CPA, funnel, creatives, offer and economics.
Alex Lim
Alex Lim is a certified book reviewer and editor with over 10 years of experience in the publishing industry. He has reviewed hundreds of books for reputable magazines and websites, such as The New York Times, The Guardian, and Goodreads. Alex has a master’s degree in comparative literature from Harvard University and a PhD in literary criticism from Oxford University. He is also the author of several acclaimed books on literary theory and analysis, such as The Art of Reading and How to Write a Book Review. Alex lives in London, England with his wife and two children. You can contact him at [email protected] or follow him on Website | Twitter | Facebook
