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Meta Reports Revenue Growth Thanks to AI-Powered Reels on Instagram

  • Meta shared updated engagement info on Q1 2023 earnings call
  • Time spent on Instagram has grown more than 24% since Reels launch
  • Reels are driving incremental engagement on Instagram, but not yet revenue
  • Reels are cannibalizing revenue from Stories and feed-based posts
  • Reels on track to be revenue-neutral by end of year or early 2024
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