How Meta’s Reels APIs is Empowering the Passion Economy

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In recent years, the influencer market has experienced remarkable growth, ballooning from a $1.7 billion industry in 2016 to a staggering $21 billion in 2023. This surge is largely attributed to the rise of creators, with more than 300 million individuals worldwide identifying themselves as such, according to Adobe’s Future of Creativity study in 2022. The overall worth of the creator economy has surpassed $100 billion, and experts predict a steady 35% growth until 2024.

As companies acknowledge the potential of influencer marketing, with 80% of them dedicating standalone budgets for it, there is a growing realization that the potential within the creator economy goes beyond its current boundaries. The concept of the Passion Economy has emerged, and it is set to drive further evolution within this domain.

The Passion Economy’s foundation lies in several key trends, such as AI-augmented tools, democratization of access, new platforms such as augmented reality and virtual reality (AR/ VR), advancements in data analytics, and improved attribution models. This convergence of factors is empowering a larger population of creators to monetize their talents, transforming their passions into viable livelihoods.

Short-form video (SFV) has increasingly become a large part of how people consume content in the Passion Economy. In fact, a recent survey tells us that SFV makes up 41% of Gen Z’s video viewing habits compared to 33% for Gen X. Two billion reels are shared each day on Meta’s Reels platform—that’s a doubling from just six months earlier. Reels isn’t just about placement; it’s a language. There isn’t only one way to Reel. Reels can be comedic, mesmerizing, or thought provoking. They can surprise us, teach us something we didn’t know, or introduce us to a brand or product we haven’t yet met.

Meta provides various tools for creators to be successful. First-party mobile apps are available for consumers and creators that are preferred by mobile-first experimenting and aspiring creators. First-party “pro” tools generally serve publishers and more established creators who need more advanced and scalable creation features such as scheduling, publishing across pages or Facebook and Instagram, multi-user support, and so on (mostly in desktop/web environments).

Many creators and publishers (big and small) use third-party or in-house tools for creating and publishing videos. They have chosen these third-party products for various reasons. Meta APIs make it easy for those customers to hook into the FB/IG ecosystem to publish and manage their content. 

Last year we released three important new APIs: 

  • Share to Reels API for mobile app integration 
  • Reels Publishing APIs to enable users of third-party platforms to share short-form videos directly to public FB pages 
  • New Page Experience and Insights APIs for developers to consume Reels Insights programmatically 

Partners including Later and Mavrck, leading players in influencer marketing and social media and visual marketing platforms, are at the forefront of this dynamic ecosystem. Their mission is to bridge the gap between consumers, marketers, and creators, fostering an environment where creativity seamlessly intertwines with commerce.

Within this rapidly evolving landscape, video content, particularly through platforms like Meta’s Reels, holds a dominant position in engaging customers. The launch of Reels APIs in 2022 and its subsequent adoption with partners like Later have provided users with a rich array of features, enabling visual scheduling, media validation, location tagging, and video editing. Insights API has become a valuable tool, offering performance data and empowering users to optimize their Reels content strategy.

Reels’ impact has been significant for Later, prompting a surge in free trials and upgrades among Later’s user base. Despite some initial API limitations, the consistent growth of Instagram and Facebook Reels indicates their growing influence.

Later’s case studies have further highlighted Reels’ potential, demonstrating impressive results for brands such as Belk, American Girl, and Opendoor. The seamless combination of creators’ voices with Reels has delivered outstanding engagement rates, surpassing industry benchmarks.

Meta remains committed to empowering creators and businesses alike. Aspirations to thrive in the Passion Economy are shared across industries, transcending professions and inviting everyone to embrace this new era of creativity.

In conclusion, the Passion Economy is ushering in a transformative era, where creativity and commerce intersect with unprecedented possibilities. Meta Reels stands as a catalyst for this evolution, empowering creators and brands to create meaningful interactions with their audiences. As this dynamic landscape evolves, Meta is providing both 1P and 3P ecosystems to enable Later, Mavrck, and other partners to shape the future of the creator economy, forging a path towards uncharted potential.

Tune in to the Product @Scale event to learn more about FB Video APIs and hear from some of our customers.

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