By Kurt Wagner and Leah Nylen
Meta Platforms Inc. brought in almost 30 per cent of its revenue from Instagram in the first half of 2022, according to court filings that reveal for the first time how much money the popular photo and video service has generated.
Instagram produced $22 billion in 2020, or 26 per cent of Meta’s total sales, according to documents released in the Federal Trade Commission’s antitrust suit to break up the company. Instagram revenue jumped to $32.4 billion in 2021, or 27 per cent of Meta’s business. The app contributed $16.5 billion in the first six months of 2022.
The numbers confirm that Instagram is growing at a faster pace than other parts of Meta’s social networking universe. They also show the financial success of Chief Executive Officer Mark Zuckerberg’s purchase of the app for just $715 million in 2012.
Meta doesn’t break out Instagram revenue during its quarterly earnings reports. A company spokesperson declined to comment.
Meta asked a judge to dismiss the FTC’s case before trial on Friday, saying the agency hasn’t proven its acquisitions of Instagram and WhatsApp harmed consumers.
(Published 05 April 2024, 23:19 IST)
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