As Meta prepares for a 0.4% drop in revenue to about US$29 billion, CEO Mark Zuckerberg has hinted at the need to accelerate the pace of focus on two immediate bets, including pumping up short-video offerings to compete with TikTok and rebuilding its ad system following Apple’s new privacy policy.<\/p>\n
While the initiatives will take time, Zuckerberg explained that there is an urgent need to speed up the process.<\/p>\n
He told employees during a call last month that Reels, an imitation of TikTok’s look and algorithmically driven recommendations of viral short videos, represented a “huge opportunity” for Meta. However, he explained that the format was “still only around 15% of the size of TikTok.”<\/p>\n
“I think realistically we’re looking at a year and a half, maybe even longer, before we’ll really have a line of sight to having a strong leadership position. Our job is basically to bring in as much of the business that might be three years out into two years out, or one and a half years, while also pushing on things like expenses and cost growth,” Zuckerberg said.<\/p>\n
The changes to Instagram outlook in an attempt to generate more income has attracted sharp criticism from the highest-rated users.<\/p>\n
On Monday, two of Instagram’s biggest users, Kim Kardashian and Kylie Jenner, both shared a meme in which they implored the company to “make Instagram Instagram again.”<\/p>\n