As the parent company of some of the world’s most popular social media platforms, there’s no denying the influence Meta has on consumers and the market reach it offers businesses. 

Currently, the ad revenues of Instagram and Facebook—both Meta entities—are in the billions. Coupled with a growing number of advertisers on Facebook, it’s no surprise that Meta’s advertising revenues are in the billions themselves.

Here’s a breakdown of Meta’s advertising revenue in recent years.

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Meta advertising revenue: 2023

According to recent analysts’ forecasts, Meta’s advertising revenue in 2023 is expected to hit $121.9 billion. This marks an 8.18% annual increase and a rebound, after Meta’s advertising revenues fell by 1.96% the previous year.

Experts attribute the decline in Meta’s ad revenues in 2022 to the lack of success in the company’s billion-dollar plan for the metaverse and a growing sense of distrust of social media advertising amid user privacy issues. 

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They also warn of lingering challenges for advertising, which will mostly affect social media. But other forms of advertising, such as connected TV (CTV) and retail media, are likely to perform. 

Meta advertising revenue: 2024 forecast

In 2024, Meta’s advertising revenues are predicted to grow at a slightly faster rate of 10.52%, to a total of $134.72 billion. It will also be the biggest expected annual growth between 2021 and 2024. 

This means that from 2021 to 2024, Meta’s annual advertising revenues are forecast to grow by $19.79 billion. This is an overall increase of 17.22% and an average annual growth rate of 5.58%. 

Meta advertising revenue: a bearish forecast revision

Meta’s expected advertising revenues in 2023 are a downward revision. Industry analysts had previously predicted that Meta’s advertising revenues would hit $148.07 billion this year.

Here’s what an earlier forecast looked like:

  • 2021: $114.93 billion
  • 2022: $129.16 billion
  • 2023: $148.07 billion 
  • 2024: $167.29 billion

The reassessment is significant, as the previous forecast predicted that Meta’s ad revenues would increase by $52.36 billion in this period—more than double the original forecast. This would have meant an overall rise of 45.56% (versus the revised 17.22%) and an average annual growth rate of 13.33% (versus the revised 5.58%). 

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