Meta has been struggling for the past six months... and now it has posted its first revenue decline.
👉 Background: We know Meta has been struggling over the last 6 months.
👉 What happened: Now, Meta has announced profit for April to June this year of US$6.69 billion, a 36% decrease on the same time last year. Why? Ad spending is down and competition from TikTok is RIFE.
👉 What else: While Meta's struggles are part of an overall decline in the digital ad industry, it’s a strange position for Meta to be in… because it's only known growth since (kinda like the brainiac at school who has only known success!).
💡Growth has become not only an expectation, but almost a right for Meta and its investors... until now.
💡 Rather than reset expectations, Meta is laying a big bet on the Metaverse to return to exponential growth. That’s Meta’s augmented reality and 3D internet project.
💡 Global spending on augmented and virtual reality is expected to rise from$12 billion in 2020 to $72.8 billion in 2024 so it's no wonder that all the big players are jostling to get into the arena.
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