fbpx

SOCIAL MEDIA 

Mark Zuckerberg details how Meta is facing tougher economic times

By our News Team | 2022

A drop in advertising revenue due to Apple’s new privacy policy and increased competition from the likes of TikTok are said to be factors.

Even the mighty Meta – home to the likes of Facebook and Instagram – is not immune to global economic headwinds and has announced that it will slow down its hiring of new employees.

Among the challenges that the social media and digital technology giant is facing are a drop in advertising revenue due to privacy changes by Apple, tough competition from rivals such as TikTok, the near-collapse of revenue from Russia due to its conflict with Ukraine, and a struggle to monetise some of Meta’s video content.  

Social Media

Photo by Cottonbro from Pexels

The company is also currently in the midst of a major change in strategy, as it attempts to focus more on the Metaverse, augmented reality and virtual reality – and their potential for new advertising income and other revenue streams.

Fewer new employees, but no employment freeze

Although Meta said late last week that it is slowing down on the hiring of new workers, this does not mean a ‘no hire’ policy is in place and it will still be taking on new engineers, in particular. 

There are also no plans to lay off workers – although news agency Reuters has reported on an internal address that Meta founder Mark Zuckerberg made to the company workforce, in which he said he expected that some employees would find the company was no longer the place for them and would be leaving. He called it “self-selection” and said it was “okay with me”.

Last week, Zuckerberg said in an earnings call with analysts that Meta planned to slow the pace of some investments because of its current challenging growth prospects.

“After the start of Covid, the acceleration of e-commerce led to outsized revenue growth, but we’re now seeing that trend back off,” he is quoted as saying by broadcaster CNN. He noted that the company’s immediate focus would be on short-form video and the Metaverse.

Digital Marketing

Digital Marketing

Analysis finds social media used by less than 4% of people, while mobile phone connections are equivalent to less than 60% of Malawians.

Read More »
E-commerce

E-commerce

E-commerce giant is yet another tech company that is finding the market increasingly tough. It has already cut 18,000 jobs.

Read More »
Customer Data

Customer Data

Survey finds 60% of marketing leaders believe collecting customer data while balancing privacy and customer value is now more challenging.

Read More »
Consumer Health

Consumer Health

It is not sufficient for consumers to want to decrease sugar intake. Brands should offer appealing products that help reduce consumption.

Read More »
Influencers

INFLUENCERS

Some influencers, themselves sufferers of an ailment, give well-intentioned advice. Others are paid to do so. The consequences are concerning.

Read More »
AMC News

AMC News

High-level Chartered Marketer (Africa) programme equips marketers to operate successfully in the continent’s complex and diverse markets.

Read More »
Email marketing

Email Marketing

Analysis of more than 10-billion bulk emails sent over three years finds a ‘landscape fundamentally reshaped’ by events.

Read More »