Meta’s subscription push exposes its weak hand in AI
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WALL STREET JOURNAL — Expanding non-ad revenue wasn’t an especially urgent problem until recently. Before the artificial-intelligence boom, Meta could use profits from its vibrant advertising business to try other things, from videoconferencing devices to the so-called metaverse to smartglasses. If the returns didn’t measure up to the investments, there was always more ad revenue to be had.
Last year, 97.6% of Meta’s revenue came from advertising, a measure of how little progress it has made in growing beyond its core business in the more than two decades since its founding. Google, a company of similar vintage that was also built on ads, had more non-ad revenue a decade ago than Meta had last year.
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