Short-form video took center stage at the internet and social media companies’ annual presentations to advertisers, as platforms such as Snap and Meta seek to capitalize on TikTok’s political uncertainties in the United States to seize ad dollars from its competitor, reported Reuters.
The NewFronts presentations in New York come only a week after US President Joe Biden approved legislation giving Chinese company ByteDance up to a year to divest TikTok or face national security bans. TikTok has pledged to oppose the legislation.
Meta, the owner of Facebook and Instagram, centered its NewFront on Reels, a TikTok competitor that accounts for half of all Instagram time spent.
“Instagram Reels already stands to benefit from a TikTok ban, and Meta wants to ensure that it can attract all the potential displaced users and revenues it can,” Emarketer principal analyst Jasmine Enberg said, according to the report.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon
