Meta Platforms Inc.'s META saving grace, amid the otherwise gloomy Q3 earnings report, was its photo and video-sharing social networking app Instagram.
What Happened: On Wednesday, Meta announced that Instagram now has two billion monthly active users worldwide. It is closing in on Facebook, which has 2.96 billion users. These numbers signify the social media giant's shifting makeup, reported Bloomberg.
Meta also disclosed that its messaging app, WhatsApp, is used by two billion people daily. Overall, 3.71 billion people monthly use Meta's family of apps worldwide.
Since its inception, Instagram has moved away from exclusively showing posts shared by users and has instead provided more algorithm-based content. The platform also added ByteDance-owned TikTok-style short-form videos called Reels, which are being prioritized over the standard video format.
Why It's Important: Meta must ensure that its social media platforms retain users and entice them enough to keep coming back. The company makes most of its revenue from advertisements on Facebook and Instagram, stated the report.
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