Meta Platforms Inc. reported an astonishing surge in video engagement on its platforms for Q2 2023. On the company’s third quarter earnings call, CEO Mark Zuckerberg revealed that the platform is experiencing an astounding increase. Users boosted their watch time on both Facebook and Instagram 20% year-over-year. This rapid expansion is indicative of the company’s continued dedication to empowering users to have the best experience possible through innovative technology and content optimization.
Zuckerberg attributed the increase in user engagement with video to major improvements in Meta’s ranking algorithms. He highlighted an ongoing effort to increase quality, original content on Instagram. Beyond drawing in more viewers, these optimizations have directly raised the quality of recommendations overall on Meta’s platforms. Quarterly, users have spent 5% less time on Facebook this quarter. Moreover, Instagram time spent has increased by 6%.
This quarter, we delivered a 6% year-over-year increase in total time spent across our family of apps. This surge is an unmistakable indicator that our strategies are hitting home with users, said Zuckerberg. He emphasized the role of artificial intelligence in these developments, noting, “AI is significantly improving our ability to show people content that they’re going to find interesting and useful.”
Those financial results reflect tremendous growth in engagement. Meta’s total family of apps revenue was $47.1 billion, which is a fantastic 22% growth YoY. The impressive revenue figures and user engagement metrics underscore Meta’s successful adaptation to evolving user preferences and its efforts to leverage technology effectively.
Besides user improvements, Meta’s recommendation systems have recently made major strides that have been key to delivering these positive experiences. The company has focused on delivering high-quality content tailored to individual interests, which has driven higher engagement levels across its platforms.
