Since its inception in 2004, Meta Platforms Inc. formerly known as Facebook Inc. has long reigned over Silicon Valley and the global social media market. Hailing from the gamut of influential global tech corporations, Meta has expanded its Family of Apps to include social media giants Instagram and WhatsApp. A year after its rebranding in late 2021, the company was the third-most valuable media brand globally and generated an overall revenue worth 116 billion U.S. dollars.
Meta’s penetration of the Indian market
Besides posting, liking, commenting on, and sharing content with family and friends, Indian social media users also took to these platforms for entertainment, finding information, and monetization. The introduction of the short-form video feature on Instagram, and later Facebook, presented various opportunities. It was an instant hit among content creators who engaged with their audiences through Reels across genres. Moreover, the future of influencer marketing in India was consolidated by the seamless interface presented by Instagram, offering a platform for influencers and brands to reach a sizable audience and convert them to loyal followers and customers.Meanwhile, the trend of social commerce and video commerce found a foothold in the market. Products began to be sold on live streams or videos uploaded to social media platforms. Furthermore, Facebook presented a viable platform for online advertising in India, contributing to Meta’s gross ad revenues. While WhatsApp’s free-to-use version saw consistent growth in usage, its main revenue stream was sourced from its business accounts. Given the push for a digital economy and the immense popularity of digital payment apps, mobile payment over WhatsApp was also embraced by Indian consumers.
