The Q3 earnings report from Meta was depressing. There was no improvement over the previous quarter.
One significant bright spot was a growth in Instagram’s monthly active users notwithstanding the loss in revenue and earnings, calls for lower expenditure on the metaverse, and other negative factors.
This increase in users is even more impressive given the platform’s recent round of significant upgrades.
Meta’s emphasis on Reels is now beginning to pay dividends
Right now, Meta is going through a dry spell. The business has been attempting to reinvent itself by concentrating on cutting-edge products like metaverse and Reels.
The majority of individuals, including its investors, are dubious about investments in the metaverse. It appears, nevertheless, that its emphasis on Reels is now beginning to pay dividends.
Instagram’s growing user base is evidence of that.
Instagram reached its first billion users in 2018
Instagram currently has more than 2 billion monthly active users worldwide, according to Meta’s Q3 earnings call. It is rapidly approaching 2.96 billion users of Facebook.
This represents a significant achievement for a platform that has undergone numerous adjustments over the past few years. In 2018, Instagram surpassed one billion users. In just four years, it advanced to the second one.
Instagram has evolved since the year 2018 compared to its earlier iterations. Earlier, it mostly displayed content for users from people they were following.
Now, algorithm-selected material is the focus. These days, Reels, Instagram’s version of TikTok, are the main focus.
Instagram has undergone several changes recently
Now, algorithm-selected material is the focus. These days, Reels, Instagram’s version of TikTok, are the main focus. To counter TikTok’s expansion, this adjustment was implemented. The significance of images and various audiovisual formats is eroding over time.
1 billion Reels are shared every day on Instagram
The rise in Reels interaction may be directly related to the rise in Instagram’s monthly active users.
Over 140 billion Reels are played daily on Facebook and Instagram, according to Mark Zuckerberg, CEO of Meta, during the earnings call. This is a rise of 50% from the previous six months.
On Instagram, Reels are shared one billion times per day. The amount of time spent on Instagram has also increased.