Facebook is selling new types of ads on Instagram and Messenger as revenue declines
Summary
Facebook parent Meta is opening up new avenues for advertising on Instagram and Messenger as the company seeks to reverse a downward trend in revenue that recently pushed the stock price to its lowest since early 2019. The announcements come just three weeks before Meta is scheduled to release its third-quarter earnings report, which is expected to show a second straight period of declining revenue. The company gets substantially all of its sales from mobile ads, a business thats been hammered this year because of Apples privacy updates to its operating system as well as a sputtering economy and rising competition from TikTok. Most consumers experience AR today when they interact with the digital filters that decorate the photos and videos they see on social media services like Facebook and Snapchat. One of Facebooks primary challenges this year has been its hefty investments in its TikTok competitor called Reels, because there isnt yet an established ad format for short-form, viral videos.