The fastest-growing format in Meta Reels achieves $3 billion in annual revenue.
Rosali Ghosh, Editor
As the corporation battles over spending in its Metaverse division, the deterioration of its core ad business, and other issues, Meta, the parent company of Facebook, saw a fall in revenues and profits for the second consecutive quarter. Reels, Meta’s short-video service that was introduced to compete with TikTok, performed well, which was one of the highlights of Meta’s Q3 2022 earnings. Reels is currently Facebook’s family of applications and services’ fastest-growing format, reaching a $3 billion annual revenue run rate (ARR) in Q3 2022, the company said on Wednesday during its earnings call. Reels are now played every day…