Meta: Facebook pivots from metaverse to TikTok - FT中文網
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FT商學院

Meta: Facebook pivots from metaverse to TikTok

Shifting to short videos might help it deal with market saturation
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{"text":[[{"start":11.11,"text":"Facebook’s parent company Meta has decided that the best way to deal with the threat of video app TikTok is to become more like TikTok. "},{"start":19.652,"text":"Executives at the company know Facebook status updates are boring. "},{"start":23.932,"text":"So are Instagram selfies. "},{"start":25.987000000000002,"text":"That is why they spent the latest earnings call extolling the virtues of short-form videos and content from strangers. "},{"start":33.217,"text":"Both are distinguishing features of TikTok. "}],[{"start":37.09,"text":"Shifting to short videos risks cannibalising advertising elsewhere. "},{"start":41.982000000000006,"text":"But it might help Meta deal with market saturation. "},{"start":45.324000000000005,"text":"The monthly active user count is still ticking up and has reached 3.64bn. "},{"start":51.179,"text":"But adding new users means tapping emerging markets where advertising revenue per head is far lower than it is in the US. "},{"start":58.497,"text":"Five years ago, annual revenue growth topped 50 per cent. "},{"start":62.777,"text":"This year it is expected to be 11 per cent. "},{"start":66.019,"text":"Finding ways to encourage existing users to consume more content is one way to raise advertising rates. "}],[{"start":74.06,"text":"Meta is in a delicate position. "},{"start":76.664,"text":"It is trying to convince investors to come with it as it moves the business to the metaverse — a digital world still under construction. "},{"start":84.394,"text":"In theory this could unlock an entirely new source of revenue. "},{"start":88.424,"text":"But it is expensive. "},{"start":90.154,"text":"Reality Labs, where the metaverse is being cooked up, lost $3bn in the last quarter. "},{"start":96.784,"text":"Across the company, R&D costs rose 48 per cent. "}],[{"start":102.24000000000001,"text":"The problem is that the advertising business funding this transformation is downbeat. "},{"start":107.54400000000001,"text":"Advertising still accounts for 97 per cent of revenue, making Meta one of the least diversified Big Tech companies. "},{"start":115.174,"text":"It is right to press the brakes on spending. "}],[{"start":118.43,"text":"But it is also good to remember just how big Meta is. "},{"start":122.22200000000001,"text":"Across Facebook, Instagram and WhatsApp its user base is equal to more than three-quarters of the internet-using world outside China, according to Jefferies. "},{"start":132.077,"text":"Free cash flow generation is high. "},{"start":134.869,"text":"At $8.5bn it has a margin of 30 per cent. "},{"start":139.22400000000002,"text":"Messaging revenue, ecommerce and virtual reality are all still in development. "},{"start":144.654,"text":"Plus it has seen off multiple rivals in the past. "},{"start":148.13400000000001,"text":"It is still too early to declare that TikTok has stolen Meta’s crown. "}],[{"start":152.62,"text":""}]],"url":"https://creatives.ftacademy.cn/album/69469-1651114558.mp3"}

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