Instagram Head Adam Mosseri Feels ‘Urgency’ for Reels to Work
As Meta Platforms Inc. pursues an expensive, unproven metaverse strategy, success will depend in part on whether Instagram can pay the bills.
Instagram is a major growth driver for the company, with 2 billion monthly active users worldwide, closing in on the 2.96 billion who use Meta's Facebook. Meta's stock is down more than 70% this year, with investors unsure about two major bets. There's the long-term investment in the metaverse, creating hardware and software for a virtual reality-fueled future internet. And in the near-term, there's the initiative for improving the company's social media recommendation algorithm, to better highlight content from people you don't know— especially in Reels, the video format taking over Instagram.
Driving more revenue via Reels depends on getting advertisers comfortable with the format, enticing creators to share there and improving the recommendations, Adam Mosseri, the head of Instagram, said in an interview. The longer that takes, the less patience investors have with the dollars going to the metaverse. So Instagram is facing “a fair amount of urgency,” Mosseri said. “I'm trying to balance that urgency with making sure we don't make any mistakes by pushing too hard or too fast.”
Instagram is locked in a battle for relevance among current social media users, and those of the next generation. The app is leaning into its short-form video feature, Reels, as a way to get people to spend more time on the app, going head-to-head with Bytedance Ltd.'s TikTok, which popularized the format. Instagram's move to stay relevant with the internet's tastes is important for maintaining user growth and for convincing advertisers to spend on the platform, even when marketing budgets are
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