Mark Zuckerberg has posted an update on Facebook on Wednesday to share where Facebook and its associated companies are at and where they are heading into 2019.
Here are some of key takeaways:
- 2.6 billion people now use Facebook, WhatsApp, Instagram, or Messenger each month, and more than 2 billion people use at least one of their services every day.
- Revenue grew 33% year-over-year to $13.7 billion.
- People now send around 100 billion messages each day using their services, and even their second most popular service, Messenger, has a higher daily message volume than SMS had globally at its peak.
- Their biggest competitor in the Messaging space is iMessage
- People are preferring WhatsApp because of its stronger record of privacy
- Facebook is focussing on making WhatsApp and Messenger even simpler and faster as well as adding basic utility features such as payments.
- On the business side of messaging, they want to enable people to connect with businesses and have 3 million accounts on WhatsApp Business
- They will be adding 2 new products - paid messaging and ads in stories
- People now share more than 1 billion stories every day.
- Facebook stories took a little longer to get off the ground compared to WhatsApp status and Instagram Stories but it's now growing quickly.
- People continue to use it heavily
- Feeds will drive the majority of Facebook's growth or at last until stories become an even bigger driver
- Facebook has made a number of changes this year to focus the product on meaningful social interactions, and those generally seem to be working. That means the trends in how people are interacting have improved, even though Facebook purposefully reduced time spent on things like lower-quality viral videos and news to achieve this.
Communities and Groups
- if the last 10 years have been about friends and family, then the next 10 years will be about communities as well.
- Marketplace is now used by 800 million people -- and is emerging as one of the most popular places to buy vehicles online.
- On jobs, Facebook's new tool has helped people find more than 1 million jobs.
- On fundraisers, in the last year Facebook has helped people raise more than $300 million for charities on their birthdays alone.
- By video consumption growing, it has displaces some social interactions on Facebook and Instagram
- Facebook has been building separate video experiences outside of their feeds , with Watch on Facebook and IGTV on Instagram
- Watch has grown 3x in last few months in US alone
- Still way behind when compared to YouTube, their primary competitor
- Video monetises significantly less well per minute than people interacting in feeds
- But is a critical part pf the future but the challenge is to make it social
Safety and Security
- Facebook has done a lot of work but they still have about a year before their systems are at the level they want
- Facebook's systems for proactively identifying harmful content is improving and so are the systems for detecting interference in elections.
- Facebook has partnered with government and outside experts to improve security
To read Mark Zuckerberg's full statement, please see below.
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