Facebook benefitting from the ‘China Export Market’

An overview of the difference in Facebook's reported ad revenue by billing address and user geography, 2016–2018.

Analysis of Facebook’s reporting of the source of its ad revenue suggests that brands in Asia – mostly likely China – are investing in the platform to reach users outside of the region. This phenomenon was dubbed the ‘Chinese Export Market’ on a Twitter earnings call early last year.

In 2018, Facebook reported $9.6bn in ad income from users in Asia, but $11.7bn in Asian billings. This $2.1bn discrepancy, up from $1.2bn in 2017, highlights an outflow of brand investment from the region. The most likely destination is users in North America, where brand spend was reported $1.3bn lower than...

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