Meta’s growth has been fuelled by China e-commerce platform spend

Alex Brownsell, Celeste Huang

Facebook and Instagram ad revenue growth in APAC is by far outpacing the local ad market.

Much has been written about Meta’s remarkable turnaround over the past 12 months. The company recorded impressive 23% year-on-year ad revenue growth in the third quarter of 2023, collecting $33.7bn. In Q4 alone, Instagram is forecast to post quarterly ad revenues of $17.7bn, up 25.8% year-on-year. 

According to media analyst Ian Whittaker, much of that growth may stem from rising investment by e-commerce platforms like Temu and Shein targeting US consumers. 

Whittaker points out that, while Meta’s ad revenue by user geography showed 11% growth for the first nine months of the year in Asia...

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