By Adam Fraser
For the last couple of years, every quarter I blog about the listed company results from the main social media players – Facebook, Twitter, LinkedIn (before it was acquired) and now Snapchat.
Coming next week is my normal commercial analysis of Facebook’s quarterly results (spoiler alert – strong again…) but, in researching this, I found a number of interesting sound bites from the management presentation.
Here are 10 very interesting quotes direct from Mr Zuckerberg’s investor call, which paint an interesting picture around Facebook’s strategy going forward:
- “Our focus is on building community.”
- “I want to be clear about what our priority is: protecting our community is more important than maximizing our profits.”
- “We already have about 10,000 people working on safety and security, and we’re planning to double that to 20,000 in the next year to better enforce our Community Standards and review ads.”
- “Over the next three years, the biggest trend in our products will be the growth of video. This goes both for sharing, where we’ve seen Stories in Instagram and Status in WhatsApp grow very quickly, each with more than 300 million daily actives, and also for consuming video content.”
- “Research shows that interacting with friends and family on social media tends to be more meaningful and can be good for our well-being, and that’s time well spent.”
- “We’ve found that Live videos generate 10x the number of interactions and comments as other videos.”
- “In messaging, today already more than 20 million businesses are communicating with customers through Messenger.”
- “Today more than 550 million people are using Marketplace and Buy-and-Sell groups on Facebook to connect with other people for transactions.”
- “We’re also seeing good progress with Workplace, helping companies connect their own teams internally through their own versions of Facebook. It’s been less than a year since we launched Workplace, and today more than 30,000 companies are using it.”
- “I’m proud of the work we’re doing with AI. We’re now using machine learning in most of our integrity work to keep our community safe.”
The political scandal surrounding the US election has clearly had a profound impact on Facebook and it’s (previously) largely tech automated ad platform. Having long claimed to be a “tech platform” and not a “media company”, Facebook is starting to learn the hard way about the responsibilities which come with the territory of media ownership.