• by Colin Kirkland , December 11, 2024

Facebook, Meta's original social media platform, has managed to survive over two decades of fluctuating consumer interests, major lawsuits and market fluctuations, remaining as the most populous and best-monetized social network in the world.

According to a WARC Media report, the platform is poised to surpass $100 billion in 2024, with a global advertising audience of 2.2 billion.

Facebook's revival, according to WARC, has been fueled by APAC advertisers targeting Western Gen Z consumers, paired with the success of AI innovation and a decision to move away from targeting in favor of outcomes.

The media research company says it was able to split Meta’s revenue by platform, with forecasts showing Facebook's Q3 2024 ad revenue growing 13.2% year-over-year and hitting $112.8 billion in 2026 -- making it only the second media brand in history after Google in 2020 to exceed$100 billion in global ad revenue.

In the U.S., advertising spend on Facebook is set to grow to $39.5 billion by the end of the year, marking an 11.6% year-over-year boost.

The platform's advertising business remains twice the size of the U.S.'s over-the-top (OTT) market and four times that of TikTok, while commanding a 29% share of the country's retailer spend, according to Sensor Tower.

The recent integration of AI technologies and automation of ad-campaign creation, also known as Advantage+, is a major contributor to Facebook's booming advertising business.

Over a million advertisers used Meta's AI tools over the last month, and Meta studies show Advantage+ shopping campaigns driving a 12% improvement in ROAS in two years. This will directly influence investment by retailers to top $20 billion in 2024, per WARC's forecasts.

Facebook currently ranks among the top three commercial media brands for reach in the UK across all age groups, and in Asia Pacific, Facebook is ranked the most influential platform for purchases in APAC, per GWI.

It is important to note that due to the shifting and expanding social-media landscape, Facebook's global social market is actually shrinking.

In 2013, almost 90% of social ad dollars went to Facebook, but by 2025 WARC predicts that Facebook will have halved to 38.2%, with Instagram -- another Meta-owned social app -- and TikTok catching up.