facebook 2.0
HERE’S A QUICK QUESTION: What comes to your mind when you think of Facebook? Let’s see now. You, a common man: “FB? I get to watch fun posts and videos, stay in touch with friends and colleagues, stay connected with distant cousins and relatives, and also make new friends.” You, an enterprise manager: “A platform to advertise my products and services.” You, a small business: “I can create an FB ‘page’ and promote, even sell, my products and services.” You, a wannabe businessman: “I can start a virtual business on FB, I don’t need to take an office on rent.” You, a youngster, teen, Gen Z, cool dude: “FB? Nah, it’s too fuddy-duddy, it’s for my parents; Insta is more my thing!” You, a politician or public administrator: “FB… WhatsApp…hmm… gotta keep an eye on these fellows; they can be a nuisance….”
Diverse perspectives, yes. But sadly for the company, in recent times, the last one has dwarfed much of the other aspects of the Facebook family of apps both in India and in many overseas markets including the US, Russia and the UK. (Facebook, Instagram and WhatsApp are now brought under an umbrella brand called Meta; in India the company is still known as Facebook India, but will be known as Meta in India going forward.) Meta’s managers have time and again responded by making changes and engaging with governments and other stakeholders.
Managing an enterprise such as Meta, which evokes a wide range of reactions and even emotions, is no mean task. But the managers of Meta in India say they are clear about their key priority: grow the business, the right way. Ajit Mohan, VP and MD of Facebook India (Meta), says it is not in the company’s economic interests to align with anything that is not right—advertisers don’t like it, general people don’t like it, nobody likes it. It is bad for image. Bad for business. Ergo, the focus is on getting the business to grow. And in that sphere, it’s all sun and shine. The company reported gross advertising revenues—its principal source of income—of `9,326 crore (one and a quarter billion dollars) in FY21. That’s a rise of, hold your breath, 314 per cent from two years ago (`2,254 crore), and a more ‘modest’ rise of 41 per cent from 2019-20, as per data from its financial results filed with the Registrar of Companies (RoC).
6 MILLION
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