Instagram and Facebook Reels Could Be Bigger Than TikTok by Next Year
There's no doubt that Meta Platforms (NASDAQ: META) CEO Mark Zuckerberg is focused on TikTok. He mentioned the company by name five times during the company's fourth-quarter earnings call earlier this year. All that focus on short-form video, though, may be paying off.
The company's Reels product, available on Facebook and Instagram, is set to surpass the pioneer in the space by next year, according to Truist analyst Youssef Squali. He sees Meta's Reels generating more revenue than TikTok (excluding China) by next year.
There's already a massive shift in time spent on Instagram toward Reels. The feature makes up more than 20% of time spent on the platform, Zuckerberg shared on Meta's first-quarter earnings call. Video, in all its forms, accounts for 50% of time on Facebook, he said.
Source Fool.com
