Meta, the parent company of social media platforms like Facebook and WhatsApp, has revealed that users and businesses engage in more than 600 million chat interactions per day across its platforms. This information was shared by Meta CEO Mark Zuckerberg during the company’s Q3 2023 earnings call. Zuckerberg also highlighted Meta’s focus on leveraging generative artificial intelligence (AI) bots for business messaging, particularly in the realm of customer support.
Key Takeaway
Meta has disclosed that its platforms witness over 600 million daily chat interactions between users and businesses. Mark Zuckerberg highlighted the use of generative AI bots for business messaging, particularly for customer support. The success of Meta’s WhatsApp Business platform has contributed significantly to its financial growth. By leveraging different monetization strategies and utilizing generative AI technology, Meta aims to maximize revenue generation from business messaging.
The Importance of Business Messaging for Revenue Generation
During the earnings call, Zuckerberg emphasized the significance of business messaging for Meta’s revenue generation. He mentioned that over 60% of WhatsApp users in India, the largest market for the chat app, communicate with business app accounts. In addition, individual business owners utilize WhatsApp Business accounts, which offer features like business pages, product catalogs, and message broadcasting.
Meta’s financial success in Q3 2023 was largely propelled by the WhatsApp Business platform, contributing to earnings of $293 million, signifying a 53% year-on-year growth. In June, Meta announced that WhatsApp Business had surpassed 200 million monthly active users.
The Monetization Strategies for Business Messaging
Meta employs various methods to monetize business messaging. For instance, on WhatsApp, different types of messages are categorized, and businesses are charged based on conversation sessions. Additionally, Meta offers click-to-message and click-to-WhatsApp ads. According to Zuckerberg, these advertisements have reached an annual run rate of $10 billion and continue to grow.
In recent months, WhatsApp has introduced several business products, such as personalized messages and WhatsApp Flows, aiming to enhance the in-app shopping experience. Meta also plans to implement generative AI technology to enable business accounts to respond to customer inquiries related to purchases and support.
Capitalizing on Generative AI for Business Messaging
Zuckerberg believes that utilizing generative AI for business messaging presents a significant opportunity. He explained that in markets like Thailand or Vietnam, businesses can afford to have human personnel respond to customers manually due to low labor costs. However, in other markets, Meta’s Business AI bots can be an effective solution. Meta aims to provide new business AIs that enable businesses to easily set up AI systems for commerce and support.
As generative AI models continue to evolve and become more readily available, numerous AI-powered customer support startups have emerged, attracting attention from investors and potential acquirers.
