Meta’s Facebook set to surpass $100 billion in global ad revenue in 2024

Facebook, a cornerstone of Meta’s digital empire, is forecast to achieve an unprecedented milestone in 2024: surpassing $100 billion in global advertising revenue, according to WARC Media’s “Platform Insights” report. This feat positions Facebook as the second media platform in history, after Google, to reach such a staggering benchmark. Despite challenges in the competitive social media landscape, Facebook’s strategic investments in artificial intelligence (AI) and commerce have fueled its impressive growth trajectory.

In the United States alone, advertising spending on Facebook is projected to reach $39.5 billion in 2024, reflecting an 11.6% year-over-year growth. Central to this rise is Meta’s emphasis on integrating advanced AI technologies, including the Advantage+ suite of tools that streamline ad campaign management. Innovations like AI-generated images and text for creative ad content have reportedly increased advertiser conversions by 7% and enhanced return-on-ad-spend by 12% over the past two years. These tools are proving particularly effective for retail advertisers, who are expected to invest over $20 billion this year on Meta’s platforms.

Moreover, Facebook continues to dominate global reach, boasting over 3 billion monthly active users and a targeted advertising audience of 2.2 billion. Notably, a surge in ad investments from Asian brands targeting international users has contributed to Facebook’s sustained growth. Meta’s Q3 earnings report highlighted a 19% year-over-year increase in revenue to $40.59 billion, with Facebook’s share of ad revenue estimated to have grown by 13.2% during the same period. By 2026, Facebook’s ad revenue is projected to surpass $112.8 billion.

However, challenges loom on the horizon. Facebook’s share of the global social media market is predicted to decline to 38.2% by 2025, a steep drop from nearly 89% in 2013. While platforms like Instagram and TikTok are increasingly capturing Gen Z’s attention, Facebook’s user base remains predominantly composed of older demographics. Despite this shift, Facebook still holds significant advantages, such as commanding a 29% share of U.S. retailer ad spending and maintaining an ad business four times the size of TikTok’s.