India remains a crucial market for Meta, and the company is dedicated to further investing in the region despite current macroeconomic challenges and Meta’s focus on efficiency this year, according to Sandhya Devanathan, Vice President of Meta India, in an interview with ET.
What Happened? Devanathan took the helm of Meta India’s operations, which owns Facebook, Instagram, and WhatsApp, in January after Ajit Mohan‘s departure to join Snap as President for Asia Pacific.
Assuming the role amid a softening advertising market due to economic uncertainty, she maintains a bullish outlook on the Indian market.
“Although it’s not completely smooth sailing, we find encouragement in the green shoots we see this year compared to last year’s challenges,” Devanathan said.
She highlighted India’s recent 6% GDP growth rate as a positive development that puts the country ahead of many others. “Moreover, India now ranks as the world’s ninth-largest advertising market, which adds to our optimism,” she added.
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Devanathan observed that Indian businesses are more cautious about their investments, but they continue to invest. As of December 31, 2022, India is among the top three countries contributing active users for Facebook. In FY22, the company recorded gross ad revenues of ₹16,189 crore in India, a 74% year-on-year growth.
Devanathan mentioned that Meta’s family of apps — Facebook, Instagram, and WhatsApp — now see much higher engagement levels. Facebook’s user base in India totals 440 million people, while Instagram enjoys increased user engagement due to its short video service Reels.
The rapid expansion of content creators in India, predicted to surpass 100 million by 2023, greatly benefits social media platforms like Facebook and Instagram.
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