Meta

Meta (NASDAQ:META) is the holding company for a collection of social media apps and other services, including Facebook, Instagram, and WhatsApp. Meta is the largest listed social network company and is one of the Big Five tech firms (GAMAM). Meta generated USD 134.9 billion in revenue in 2023. After the creation of Facebook in 2004, it made its IPO in 2012—the largest tech IPO in the US. In June 2021, the firm reached a market cap of over USD 1 trillion, ranking amongst the top 10 companies in the US. In October 2021, Facebook rebranded as Meta to signal its heightened focus on the metaverse.

Meta is best known for its social networking service Facebook, which had more than 2 billion daily active users by the end of 2023 and remains the world’s largest online social network, accounting for ~64% of the market share in the US. The firm also launched its messaging service Facebook Messenger in 2011. Through a series of acquisitions, the firm expanded its “Family of Apps”—most notably by acquiring Instagram (in April 2012) and WhatsApp (in February 2014). The firm also has a presence in the consumer hardware space, most notably the Oculus Quest, a virtual reality (VR) headset launched in 2019, accounting for over 90% of the VR headset market. The firm is also an early proponent of the metaverse and in December 2021, launched Horizon Worlds, a VR world for the Meta Quest headset.

Meta had more than 3 billion monthly active global users across its Family of Apps by the end of 2023, with around 39% of its revenue accounted for by the US and Canada. In recent years, the firm’s core ad revenue business has been facing challenges due to stricter consumer privacy regulations. Therefore, in the short run, the firm has focused on addressing these concerns through investments in next-gen AI and automation. However, in the long term, following the establishment of a dedicated business division (Reality Labs) as well as significant capital investments planned for developing VR headsets and other metaverse-related products, the firm intends on expanding into the metaverse space to drive its growth.