India key market, Reels and business messaging charging growth: Meta
What's the story
Meta, the parent company of Facebook and Instagram, has identified India as a significant global market.
This recognition is due to the rising popularity of its services such as Reels and business messaging on our shores.
Sandhya Devanathan, Vice President of Meta India, revealed in an interview with PTI that India leads in watch-time for Reels on Instagram.
Strategic shift
Reels' impact on brand strategies and customer engagement
Devanathan highlighted the significant role of Reels in shaping brand strategies and customer engagement.
She stated, "Reels is big for Meta globally, but Reels is certainly huge for Meta in India."
Brands are now incorporating Reels into their campaign blueprints and customer outreach initiatives at an early stage, marking a significant shift in campaign design.
AI uptake
AI adoption and economic growth prospects
India is also leading in the adoption of Meta's artificial intelligence (AI) tools.
Devanathan expressed optimism about the company's future in India, citing the country's strong economic growth forecast.
She stated that India aims to become a $7 trillion economy in the coming years, opening up new opportunities.
Factors such as demographic dividend with Gen Z and youth population, private sector momentum, start-up ecosystem growth and innovation, and strength of capital markets are contributing to this optimism.
Market potential
Ad penetration and digital growth in India
Devanathan also highlighted the potential for growth in ad penetration in India. She noted that the overall ad spending is lower than its potential, but is expected to increase over time.
"The ad penetration is only 0.5 or so percent, which is lower compared to more mature markets like the US... there is big headroom for the overall industry to grow in this space," she said.
Business engagement
Meta's new features and AI tools for WhatsApp
India is one of the largest markets for WhatsApp globally, with "great revenue momentum" and heightened interest around 'build for India.'
As more businesses adopt messaging to engage with their customers, Meta has introduced new features and programs.
These include a verified badge for small businesses to establish credibility with consumers, and AI tools to enhance the messaging experience on the WhatsApp Business app.