The total income for Meta India went from Rs 14851.1 crores in FY 2021 to Rs 2324 crores in FY 2022, making it an increase of 56.5%.
Meta is the parent company behind social media platforms like Facebook, WhatsApp, and Instagram. As opposed to Rs 128.2 crore reported as profits earned in the financial year 2020–2021, the company posted a net profit of Rs 297 crore for the calendar year 2021–2022, marking an increase of profits by 132%.
The social media platform witnessed a surge of 74% in revenue through sales of Rs 16,189 crore as of March 31, 2022, as compared to Rs 9326 crore in the previous financial year. It benefited immensely from people’s increased embrace of digital technology during COVID-19 since there was a rise in Direct-to-Consumer (D2C) facilities that avoided conventional distribution channels.
According to the IT Ministry, there are 530 million WhatsApp users in India; 410 million people are using Facebook; and 210 million people have Instagram on their smartphones. Reels are the most popular feature of Instagram, along with a day-long stories feature that is now also available on WhatsApp. The main reason for high reel engagement is the absence of TikTok, a platform of Chinese company ByteDance, which is banned by the Indian government due to strained relations with China.
With the major source of income being advertising on Facebook and Instagram, a partnership has been launched between Reliance JioMart and WhatsApp which will make their D2C game stronger. According to RoC filings, revenue earned by Meta in India through advertisements is more than the amount earned by television channels by airing advertisements on air. Meta India breached the $2 million mark in FY 2022.
With the advent of 5G in India and owing to cheap smartphones as well as data rates, data consumption is bound to increase due to the high-speed services that are being provided. According to a report published by Statista, there are 658 million internet users in the country, with an internet penetration of 47% and the number of internet users being 658 billion. According to CAGR, data usage will grow by 73%.
