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In a recent roundtable discussion featuring Jones Road Beauty CMO Cody Plofker, Meta executives unveiled the groundbreaking strides made in harnessing artificial intelligence (AI) technology to revolutionise the advertising landscape in 2024.
Meta CEO Mark Zuckerberg showed the company’s steadfast commitment to AI as its primary focus for the year, emphasising aggressive investments across all aspects of its operations. This strategic pivot yielded remarkable results, with Meta reporting a staggering 24% year-over-year surge in ad revenue in Q4, totalling an impressive $38.7 billion.
“2023 was a clear inflection point for us, and our Q4 earnings showed that Meta is really making it count for advertisers that use our tools,” said Alvin Bowles, vice president of Meta’s global business group. “Our investments in AI are paying off for both advertiser performance and for our community with a more relevant discovery engine more than ever before.”
“We are absolutely in the middle of our AI journey, not the beginning,” said Alvin Bowles, Vice president, global business group, Meta.
During the virtual roundtable session on February 7, Meta executives elaborated on the profound implications of AI advancements for advertisers and agencies. Notably, Meta’s strategic embrace of generative AI has been vital in driving engagement growth, with daily watch time across various video formats soaring by over 25% year-over-year, and users enthusiastically resharing Reels a staggering 3.5 billion times daily.
The exponential growth in engagement is attributed to Meta’s long-standing investments in AI and its sophisticated discovery engine, which have now begun to yield substantial dividends. These investments, coupled with Meta’s relentless pursuit of innovation in machine learning and automation, have redefined the digital advertising landscape, empowering advertisers with unprecedented precision and efficiency.
Crucially, Meta’s ability to leverage feedback from its vast user base, numbering in the hundreds of millions globally, has been pivotal in fine-tuning its AI systems. This collaborative feedback loop has enabled Meta to swiftly adapt to evolving market dynamics and regulatory frameworks, ensuring the seamless integration of AI-driven solutions into its suite of advertising products.
“The feedback is a big part of how we improved our AI systems so quickly, especially in Reels and ads, where we had to re-architect around new rules,” Bowles explained. “What you’re seeing now is a result of those strategic decisions we made over the last number of years, and now nearly all of our advertisers are already using AI tools to help create and target their ads.”
As Meta continues to pioneer advancements in AI technology, the future of advertising looks increasingly promising, with advertisers poised to unlock new opportunities for growth and engagement in the ever-evolving digital landscape.
