Meta's core Facebook app has been pressured to keep up with competitors, including its own Instagram and the fast-growing TikTok.
"At this point in the quarter, we continue to see audiences spending less time on Facebook," BuzzFeed CEO Jonah Peretti said in his remarks.at 1.93 billion, marking its first ever quarterly decline. The decline of about 500,000 could mean that Facebook has saturated its product globally and the ability to add loads of users has peaked.
"People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly," Meta chief Mark Zuckerberg said on the company's call with investors last month. "And this is why our focus on Reels is so important over the long term." BuzzFeed, which has focused heavily on its commerce segment, said the majority of its audience traffic to its shopping content has come from Facebook. But "the shift in audience time away" from the app has "disproportionately impacted" its commerce revenues, Peretti said. Looking forward to its first quarter, Peretti said he expects that trend to continue.
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