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.

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.

Pre-conference masterclass discusses taking African brands to the world

Participants challenged to identify, articulate and commercialise the cultural assets that make their brand ready for a global audience.

Three people stand side by side in front of a sports direct backdrop the woman in the middle holds a blue and orange 'sports direct' sign

Africa’s first Sports Direct retail store opens its doors in Nairobi

Second outlet planned for Nairobi before year end, with Nigeria, South Africa and Morocco said to be future target markets.

Person wearing a beige sweater holds a phone with a translucent search bar reading 'search' and microphonecamera icons in the foreground

Search is fragmenting – credibility and trust create the new visibility

Online search behaviour has changed significantly with the rise of AI. How can African brands adapt to this new marketing landscape?

Person shopping at a deli counter holding an orange shopping basket in a cheese section of a supermarket

The move toward future-ready food packaging where materials meet AI

Researchers propose a framework for packaging that senses, learns and acts – making packaging an active, AI-powered tool against food waste.

Conference stage with a woman in a patterned dress speaking to an audience large screens display '' logos and banners for a marketers conference with 'institute of marketing in malawi' branding on stage panels and backdrop

Malawi’s marketers urged to put trust at the heart of the profession

Country needs marketers to build recognition and consumer trust around Malawian products and national brand, says Deputy Minister.

Lingerie brand creates street-stopping advertising in Manhattan

Fashion brand suspends giant lingerie high above the city’s streets, using shadows to create a moving billboard for pedestrians and motorists.

We know AI influencers aren’t real – so why do we trust them?

Researchers describe AI influencers as having a ‘dual identity’. Consumers evaluate both ‘person’ and ‘technology’ identities at once.

Hotel receptionist assisting a guest at the check in counter with a gray suitcase nearby behind the desk

Why trust has become a critical asset for hotel industry marketers

Reputation and trust, once modest influences on hotel choice, have become some of the strongest predictors of patronage, study finds.

Three people in formal attire pose for a photo at an awards event a woman in a pink dress holds a trophy while two men in suits stand beside her against a gold confetti backdrop

FNB bank’s eBucks programme dominates the 2026 SA loyalty awards

South African brands are increasingly setting the global benchmark for customer loyalty strategies, organisers say.

Portrait of a man with short black hair and a beard wearing a black button down shirt against a light gray background

Zambia’s strongest creative ideas are emerging from local truths

Global influences among younger consumers are still present, but they are being filtered through a distinctly Zambian lens.

Yellow humanoid robot at a bakery counter inspecting a display of donuts on display in front of glass cases

Consumers have doubts about products when they’re designed by AI

Researchers find that lack of perceived ‘genuine care’ is the mechanism connecting AI involvement to lower trust ratings.