How AI propelled Meta’s 2024 growth for advertisers and consumers alike

2024 has been a landmark year for Meta, making significant strides in artificial intelligence (AI) and augmented reality (AR). These advancements took centre stage at the Meta Connect 2024 event on September 25, 2024, when the company unveiled cutting-edge updates and prototypes.

Introduction to several AI-powered features

In May 2024, Meta launched enhanced generative AI features for advertisers, such as full image and text generation to help businesses grow. The goal is to help advertisers at every step of the journey, whether that’s improving ad performance by helping develop creative variations or automating certain parts of the ad creation process.

Additionally, businesses can now apply text overlays to images, choosing from a dozen popular font typeface options. Lastly, image expansion, a feature that allows businesses to seamlessly adjust creative assets to fit different aspect ratios across multiple surfaces, is now available on Reels and Feed across both Instagram and Facebook and can now work seamlessly with text overlays on ads.

Meta introduced updates to its AI portfolio, headlined by the launch of the Llama 3.2 model, capable of interpreting both images and text. Users can now interact with Meta AI, which features both system and celebrity voices, including John Cena and Dame Judi Dench. The platform also demonstrated real-time language translation via Ray-Ban smart glasses. UFC fighter Brandon Moreno and Zuckerberg showcased this feature by seamlessly translating Spanish to English.

On the business front, Meta reported that over one million advertisers are already using its generative AI tools, showcasing the platform’s growing influence in the ad tech space.

Ray-Ban Glasses

Meta also unveiled upgraded Ray-Ban smart glasses, equipped with advanced features like real-time object identification, video AI, and translation. The glasses integrate seamlessly with WhatsApp and Messenger for audio messaging.

Chronology

In June 2024, Meta gradually rolled out its artificial intelligence chatbot, MetaAI, for Indian users. It is available in English across the company's suite of apps, including WhatsApp, Facebook, Instagram, and Messenger. It is also available through the recently launched Meta.ai website.

In October 2024, Meta announced that it is experimenting with AI-driven video editing features, enabling advertisers to animate static images and extend the borders of video content. This new tool aims to give brands more creative control and flexibility when creating ads for Facebook and Instagram, offering enhanced ways to engage users with dynamic visuals. Additionally, it introduced new AI-powered tools that allow advertisers to transform static images into dynamic videos. The AI can also expand existing videos by generating additional pixels, effectively enlarging the content without losing quality.

On October 28, 2024, Meta announced that its artificial intelligence chatbot will now use Reuters content to provide real-time answers to user questions about news and current events. According to a report by Axios, Reuters will receive compensation for its journalism through a multi-year agreement with Meta.

Meta’s 2024 troubles

Apart from AI updates and financial performance, Meta also became a victim to a rumour. In August 2024, rumours surfaced that, starting August 27, the company would allow advertisements for alcohol and real-money gambling in India, Asia-Pacific (APAC), and Latin America (LATAM). This decision sparked debate, with critics arguing that by permitting such ads, Meta might be promoting behaviours linked to significant health and social risks.

However, after a day, amid the anticipatory discussions among industry experts regarding its application, feedback, and concerns, Meta issued a formal statement to clarify all doubts.

According to the company's spokesperson, Meta always carefully drafts its official guidelines to comply with local laws.

"When we set business policies for our service, we respect local laws, and therefore certain business messaging or other types of communication are not going to be allowed in certain countries, including India. The referenced communication lacked that precision that is reflected in our formal policies and documents," the spokesperson said.