Meta AI has more than 500 million monthly active users, says Mark Zuckerberg
During the earnings call on October 30, Facebook parent Meta's chief executive Mark Zuckerberg announced that Meta AI, the company's artificial intelligence chatbot, has surpassed 500 million monthly active users. This milestone comes just a year after Meta launched the chatbot in September 2023 as part of its big push into generative AI.
The chatbot was initially introduced to more than a dozen countries, including the United States, Australia, and Singapore, in April, and later expanded to India in June. It is now available in approximately 43 countries, with Meta making it accessible across its various apps such as Facebook, WhatsApp, Instagram, Messenger, and a dedicated Web app.
Expansion and Adoption
Meta AI's growth trajectory remains on course to achieve its goal of becoming the most widely used AI assistant by the end of the year, according to CFO Susan Li. India stands out as the largest market for Meta AI usage, with the platform's availability in multiple languages contributing to its increasing adoption and scale.
Despite being in its early stages, Meta AI continues to enhance user engagement by introducing new features and language support. Recent updates include voice and enhanced image capabilities in select markets, powered by Meta's multi-modal foundation model, Llama 3.2.
Meta AI caters to a variety of user needs, such as information gathering, assistance with tasks, image generation, and content discovery. The focus remains on improving the chatbot's utility and value proposition to serve a broader range of user queries, including those with potential monetization opportunities.
AI Innovations and Impact
Zuckerberg highlighted that AI advancements have contributed to increased user engagement across Meta's platforms, with improvements in feed algorithms and video recommendations leading to higher time spent on Facebook and Instagram. Businesses leveraging Meta's GenAI tools have seen notable results, with enhanced ad creation capabilities and improved conversion rates.
The competitive landscape in AI continues to intensify, with Meta and its peers investing significantly in infrastructure to support AI development. Meta's projected spending forecast has been revised upwards to meet the growing demands of its AI initiatives.
Financial Performance and Future Outlook
In the third quarter of 2024, Meta reported a revenue of $40.6 billion, representing a 19% year-on-year increase. Net income also rose by 35% year-on-year to $15.7 billion, underscoring the company's financial strength.
Meta's commitment to innovation is evident in its Reality Labs unit, which focuses on virtual reality and augmented reality products. Despite operating losses, the unit's revenue saw a notable increase, driven by sales of hardware such as Quest VR headsets and Ray-Ban Meta smart glasses.
Looking ahead, Meta continues to invest in cutting-edge technology, with recent unveilings including augmented reality glasses and mixed-reality headsets aimed at delivering immersive experiences to users at various price points.
