The Facebook Group has crossed over $1 billion in revenue through its activities in India over the last year, reported The Times of India. The explosive growth was on the back of rapid digitalisation -- a side effect of the COVID-19 global pandemic that shifted work cultures. An increase in digital advertising and the influx of users on Instagram, WhatsApp and Facebook contributed to the impressive figure.
The estimated revenue for the group in the year stood at roughly $1.2 billion, an increase of $320 million or 43 percent from the revenue posted in FY 2019-2020. In FY 2018-2019, the company’s revenue was $302 million for the second half of the year.
The company’s growth has been bolstered by the proliferation of cheap internet, smartphone availability and the growing popularity of Facebook-owned platforms within the country. WhatsApp has 530 million registered users in India, with Facebook counting 416 million users and Instagram, 210 million users.
“Last year saw an inflexion point in consumers not just moving online, but also deeply engaging with businesses and brands online. This has led to an increase in online marketing spends which has driven the growth of digital advertising in India,” Ajit Mohan, Managing Director, Facebook India told TOI.
The social media giant recently unveiled its earnings reports in the US, where it posted a 56 percent growth YoY in revenue, an increase over the 48 percent growth reported in the previous quarter. The company has warned that growth will slow down, though its expectations from its Indian operations is not yet known.
(Edited by : Shoma Bhattacharjee)
First Published: Jul 30, 2021 6:25 PM IST
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