Meta’s ad revenue increased 27% in Q1 2024, a significant improvement over the 4% growth it saw in the same quarter a year ago.
Advertising revenue was $35.6 billion in Q1 2024 compared to $28.1 billion in Q1 2023. This success helped drive total Meta revenue to grow 27% year-on-year from $28.6 billion in Q1 2023 to $46.4.1 billion in Q1 2024.
- “If you look at our two end-to-end AI-powered tools, Advantage+ Shopping and Advantage+ App Campaigns, revenue flowing through those has more than doubled since last year,” said Meta CEO Mark Zuckerberg.
By the numbers. Across Meta’s “family of apps” (Facebook, Instagram, Messenger, WhatsApp), year-over-year:
- The average price per ad increased 6%
- Ad impressions increased 20%.
- Daily active users increased 7% to 3.24 billion.
Meta search advertising. Could Meta AI bring in search advertising dollars at some point in the future? Zuckerberg was asked this question during the earnings call, given Meta AI assistant now includes search results from Google and Microsoft Bing:
- “We’re not working on search ads or anything like that. I think this will end up being a pretty different business.”
- “I do think that there will be an ability to have ads and paid content in Meta AI interactions over time as well as people being able to pay for, whether it’s bigger ****** or more compute or some of the premium features and things like that. But that’s all very early in fleshing out.”
AI investments. Meta is accelerating AI investments, with plans to spend between $35 million and $40 billion this year. Also:
- “Tens of millions of people” have tried the Meta AI assistant since being pushed into Facebook, Instagram, WhatsApp and Messenger apps last week.
Threads. With 150 million monthly active users, Threads now has more users than X. This is likely why Meta is reportedly looking to launch ads in Threads later this year.
Why we care. Meta had strong advertising growth, perhaps a good sign for the industry. We’ll know more as Google and Microsoft are set to report earnings today.
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About the author
Anu Adegbola has been Paid Media Editor of Search Engine Land since 2024. She covers paid search, paid social, retail media, video and more.
In 2008, Anu’s career started with
delivering digital marketing campaigns (mostly but not exclusively Paid Search) by building strategies, maximising ROI, automating repetitive processes and bringing efficiency from every part of marketing departments through inspiring leadership both on agency, client and marketing tech side.
Outside editing Search Engine Land article she is the founder of PPC networking event – PPC Live, host of weekly podcast PPCChat Roundup, and brand evangelist at ClickTech.
She is also an international speaker with some of the stages she has presented on being SMX (US), SMX (Munich), Friends of Search (Amsterdam), brightonSEO, The Marketing Meetup, HeroConf (PPC Hero), SearchLove, BiddableWorld, SESLondon, PPC Chat Live, AdWorld Experience (Bologna) and more.
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