DUBAI: Meta will extend availability of Facebook Reels for iOS and Android to more than 150 countries around the world, the company announced on Wednesday.
The move follows the increase in video consumption across platforms over the past two years, especially that of short-form video such as TikTok and Reels.
Video viewing makes up 50 percent of time spent on Facebook and Instagram, and Reels is Meta’s fastest-growing content format, the company said in a statement.
To maintain and expand the popularity of Reels, Meta is adding new features. These include Remix, which, like TikTok’s Duet feature, allows users to create their reel alongside an existing reel from other users; 60-second versions; “save as draft” options; and video clipping and editing tools.
It is also exploring ways to make cross-posting on both Facebook and Instagram easier, as well as rolling out more ways for creators to monetize Reels.
Currently, Meta’s Reels Play bonus program in the US pays eligible creators up to $35,000 a month based on the performance of their content. During the year, the program will be rolled out to other countries.
Additionally, the company is building direct monetization options for Facebook Reels through fan support and share of advertising revenue. These tests will be rolled out to all creators in the US, Canada and Mexico, and to other countries in the coming weeks.
It is also launching controls for brands such as publisher lists, blocklists, inventory filters, and delivery reports for banner and sticker ads in Facebook Reels.
Last year, whistleblower Frances Haugen revealed that Facebook has been losing young users since 2012 and only those above the age of 25 are increasing their use of Facebook.
Earlier this month, Meta’s stocks fell by nearly 25 percent, erasing more than $220 billion in market value — the largest drop in history.
The company’s struggles to maintain user growth and shareholder value have resulted in it investing more in potential growth areas such as the metaverse and new formats, including Reels.