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The news: Meta announced enhancements to its products at the Cannes Lions International Festival of Creativity, with a particular focus on its short-form video Reels.
Meta is expected to roll out these solutions more widely in the coming weeks, allowing a broader range of businesses to benefit from these AI-powered tools.
Why it matters: Meta says Reels has seen exponential growth, with daily re-shares surpassing 2 billion—a number that has doubled in just six months, per its Q1 earnings call. On that call, CEO Mark Zuckerberg revealed that the time spent on Instagram has surged by over 24% since the introduction of Reels, attributing this growth to AI-driven content recommendations similar to TikTok's approach.
Yes, but: Despite driving engagement, Reels hasn’t directly contributed to revenue growth and has somewhat cannibalized revenues from Stories and feed posts. However, the rising time spent is expected to benefit revenues in the long run.
The big takeaway: With its enhancements to Reels ads, Meta is trying to lead the charge in providing innovative ad solutions that engage viewers while broadening options for advertisers. While in many respects the company is playing catchup to TikTok, Reels has made up significant ground in the past year.
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