A brave new world of funny cat videos.
An exclusive story on Business Insider reveals that Facebook Watch has hit almost 140 million daily active users, double the amount of users reported by the company in December.
In Facebook’s December report, the social media company first said that Watch had about 75 million daily active users. The number includes anyone who has watched at least 1 minute of worth of video on the platform.
The latest report, however, says that 140 million users are now watching an average of 26 minutes worth of videos per day on the platform – a huge increase from the report from 6 months ago. Through Watch, Facebook is hoping to build a more social, more connected community that would continue to drive social engagement on the platform, and therefore ad revenue, up.
In terms of video ad revenue, Facebook is one of– if not the– dominant leaders in the industry, with its platforms already accounting for over half of all social video revenue last year, in 2018. This year, 50% of advertisers who participated in the IAB/Advertiser Perceptions survey answered that they’re planning to increase their budget for 2019. Analysts are estimating that revenue will reach up to $25.6 billion by 2023.
