Three points you will get to know in this article:
- Meta’s revenue from click-to-message ads in India doubled in FY23.
- Over 60% of WhatsApp users in India message a business account weekly.
- Meta is exploring the possibility of launching an ad-free subscription plan in India by 2024.
On October 26, 2023, CEO Mark Zuckerberg enthusiastically shared the remarkable growth trajectory of Meta during an engaging analysts’ call. Within the expansive Meta family, encompassing Facebook, Instagram, and WhatsApp, India shines brightly as a key market. Zuckerberg revealed a fascinating statistic, indicating that more than 60 percent of WhatsApp users in India engage with a business app account every week.
India proudly boasts the largest WhatsApp user base, surpassing a staggering 500 million, and is poised to achieve a noteworthy $1 billion in revenue by the close of 2023. Notably, Statista’s data from January 2023 highlights India’s dominance in the Instagram realm, with a user base of 229.55 million, outpacing the United States with 143.35 million users.
Adding to the narrative of success, Zuckerberg shared in February 2023 that Click-to-Message ads had soared to an impressive $10 billion revenue run rate on a global scale. The future looks promising for Meta, especially with India playing a pivotal role in this dynamic journey.
Meta Growth In India In 2023
Earlier this month, Facebook India disclosed a noteworthy uptick in its advertising revenues for the fiscal year 2023, reaching INR 18,308 Cr—a 13% boost compared to the INR 16,189 Cr recorded in FY22.
In the same fiscal year, the company experienced a commendable 19% surge in net profit, ascending from INR 297 Cr in FY22 to INR 352 Cr. Simultaneously, its total revenue demonstrated a robust 20% rise, climbing to INR 2,776 Cr from the previous INR 2,324 Cr in FY22.
An intriguing highlight is the substantial 63% reduction in Facebook India’s ad inventory cost, which plummeted to INR 5,666 Cr from INR 15,120 Cr in FY22.
Looking ahead, Meta is actively exploring the prospects of introducing an ad-free subscription plan in India by 2024. This potential offering would mark Meta’s second foray into the subscription realm. Presently, the social media giant provides premium services, including a verified badge, at a monthly fee of INR 699.
Other Key Points Highlighted In The Q3 2023 Earnings Call
During the recent update session, Meta’s CEO enthusiastically shared the latest developments on the company’s recently unveiled platform, ‘Threads.’ In just three months since its launch, Threads has garnered an impressive 100 million monthly active users worldwide. Mark Zuckerberg is optimistic about Threads evolving into a platform where their emphasis will be on expanding the community even further.
Zuckerberg expressed his vision, saying, “…imagine a public conversations app with a billion users that spreads positivity. With a few more years of dedicated effort, I believe we stand a good chance of realizing this vision.”
Looking ahead, Meta is channeling its efforts into two pivotal areas: artificial intelligence (AI) and the metaverse.
Meta has experienced significant revenue growth in India from click-to-message ads, doubling their revenue in FY23 on a year-on-year basis. India is considered one of Meta’s largest markets, with a high user base on platforms like WhatsApp and Instagram. The company is exploring the possibility of launching an ad-free subscription plan in India by 2024. Additionally, Meta’s CEO highlighted the importance of business messaging and mentioned the growth of their platform ‘Threads’. Moving forward, Meta’s key focus areas will be AI and the development of the metaverse.
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