Meta Focuses on Business Messages for Revenue Generation
Meta is doubling down on business posts for revenue generation, as Mark Zuckerberg indicated during the company’s earnings call for Q3 2023. Zuckerberg says that the company is looking to tap into generative AI-based bots for businesses for use in boxes like customer support.
Interactions on Meta Platforms Reach Over 600 Million Per Day
According to Meta CEO Mark Zuckerberg, users and businesses are interacting more than 600 million times per day across the company’s platforms. This significant number of interactions is being shared for the first time during the year’s earnings call, although the breakdown between marketing or informational messages was not disclosed.
More Than 60% of WhatsApp Users in India Message Business Apps
Mark Zuckerberg also revealed that more than 60% of WhatsApp users in India have a business app account. With over 500 million users, India is the largest market for the chat app. Additionally, individual business owners in India use WhatsApp Business accounts, which grant them access to useful features like business pages, product catalogs, and message broadcasting.
WhatsApp Business Platform Drives Revenue Growth for Meta
Meta reported earnings of $293 million in Q3 2023, reflecting a year-on-year growth of 53%. This growth has primarily been driven by the success of the WhatsApp Business platform. In June, the company announced that WhatsApp Business achieved over 200 million monthly active users.
Diverse Revenue Streams from Business Messaging
Meta utilizes different strategies to generate revenue from business messaging on WhatsApp. Businesses are charged based on conversation sessions and can also opt for click-to-message and click-to-WhatsApp ads. Zuckerberg stated that these types of ads have reached a $10 billion annual run rate, with continuous growth.
WhatsApp Introduces New Business Features and Enhancements
WhatsApp has recently unveiled several business-oriented products and features. These include custom personalized messages sent to customers and WhatsApp Flows, which enhance the in-app shopping experience. The company’s plans for the future include a verified system with features such as custom web pages and support for multiple linked devices.
Meta’s Vision for Generative AI in Business Messaging
Mark Zuckerberg expressed Meta’s commitment to utilizing generative AI for business accounts to respond to customers’ purchase and support questions. He believes that this technology presents a significant opportunity, particularly in markets where labor costs make manual customer support unsustainable.
AI-Powered Customer Support Startups Gain Attention
With the increasing availability of generative AI models, several startups specializing in AI-powered customer support have entered the market and attracted interest from investors and potential acquirers.
Source: asumetech
