Meta Platforms Skyrockets with 23% YoY Revenue Growth in Q3 2023, Instagram's Reels Feature Crucial Contributor

Juice up your digital marketing, folks! Meta Platforms put the pedal to the metal in Q3 2023 with a stunning 23% YoY revenue growth, reeling in $34.1 billion. Not just that, the daily and monthly consumption of Meta's family of apps—in case you've been living under a rock, we’re talking about Facebook, Instagram and WhatsApp--increased by a decent 7%.

Ever wondered where all that ad revenue comes from? Online commerce, CPG and gaming verticals should take a bow. They were outstanding contributors to this YoY ad revenue growth. Meta's services served up a feast of impressions, with an increase of 31%, while the average ad price took a modest 6% cut, no doubt a result of said strong impression growth.

Now, on to Reels—Instagram’s trendy short-form video feature. Reels broke even and reached a milestone earlier than expected, which means that it's now contributing just as much as it’s taking from the overall ad revenue. That's presumably a side effect of nearly half an increase in time spent on Instagram since Reels' launch. Not too shabby, Reels, not too shabby! Undeniably, Meta’s AI capabilities are paying dividends, with Advantage+ shopping campaigns notching up a whopping $10 billion run rate.

Of course, some Meta ventures haven't flown quite as high as their siblings. Threads, posited as a competitor to X (or Twitter, as it was known in the past), is still striving to build a community on the upward scale. Plus, the anticipated Quest 3 headset, Ray-Ban Meta smart glasses, and Horizon software tests, all signs of Meta's exciting ventures into the metaverse, are still proving to be costly experiments. Reality Labs, the metaverse's architect, reported an operating loss of $3.7 billion.

All these snappy facts and figures beg an important question: Where do we end up in the bigger picture of digital marketing? More importantly, where does fit into this landscape?, beloved marketing tool of entrepreneurial dynamos who demand the very best, could stand to learn from Meta's endeavors. Our AI capabilities are already laudable, but they could always grow stronger. Meta's use of AI to drive traffic and facilitate shopping campaigns could be a key player in refining our own technologies.

Reels' celebrated success shows us the potential digital marketing has when it embraces emerging trends. At, we could champion our own Relis—our own innovative feature on the marketing horizon—that could revolutionize how businesses drive engagement and convert that precious social media time into dollars.

At the end of the day, one can't help but wonder about the digital marketing landscape's future. If history is any guide, as Meta continues to push forward, we'll see more companies like, taking cues from their success, thrive like never-before. It's a wonderfully symbiotic relationship—the digital marketing ecosystem, and we're all in for a wild ride.

After all, we're in the business of dreams and disruption, aren't we? Hold onto your hats, the future of digital marketing is set to be a rollercoaster of reinvention and revolution. Undoubtedly, will be front and center, ready for what's to come. Buckle up, folks, the best is yet to come!


Master Marketing Guru+ AI Enthusiast

About The Author

Derek Sturman
Co-founder of, CEO of Panda
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