1 Comment

Great work. Thank you. It seems to me (I could be wrong), from looking at the disclosed numbers, all the ARPU growth since 2018 has come from Volume of Adverts. (Assuming ARPU = Volume x Price / Users). Volume of adverts always grows where as there are times when price declines significantly (Most of 2020). Is this your understanding too? What drives the volume? I assume its a platform's ability to take more Ads without damaging user experience. You can add more Volume of Ads if you are growing more users but once users stop growing there is a limit to volume of Ads unless you have new products on the platform like Reels etc? Thanks for all your help understanding Meta. Apologies if these questions are things you have answered and I have missed it.

Expand full comment