Agency Director Ryan Shelley, spoke with ABC’s PM about the future of Facebook following the 25% drop in Meta’s share price.
There could be big changes ahead for the social media – nay, internet – giant.
Facebook’s parent company Meta took a huge hit, losing over $300 billion (25%) in market share value. Mark Zuckerberg alone lost $40 billion of his own personal wealth.
This Facebook share price drop marks the biggest market-value wipe-out in a single day by an American company. For the first time ever, Facebook saw a drop in users.
While this is a huge hit for Facebook, it doesn’t necessarily mean the beginning of the end for the platform.
To give a marketing agency’s insight on the situation, our Agency Director Ryan Shelley was interviewed by ABC Radio’s PM program.
“I don’t think the share price alone will influence us or our advice to our clients. They’re a hugely wealthy and profitable company. They’re not about to go out of business tomorrow.”
For any businesses wondering how to approach their marketing strategies in this current climate, Ryan’s advice was simple.
“Don’t put all your eggs into one basket. Don’t abandon Facebook and Instagram, but be where your audience is. Consider other platforms that are relevant to your audience. This might be TikTok for a younger generation or it might be LinkedIn for a more corporate service offering.”
If you want to chat about the future of Facebook, or you’re after advice for the platform, we’d love to hear from you.