Global social media conglomerate Meta’s Facebook India Online Services posted a whopping gross ad revenue amounting to ₹16,189 crores at 74% for the financial year 2022. Facebook India’s revenue figures in the last fiscal were ₹ 9326 crores, respectively.
Facebook India, which also owns WhatsApp and Instagram, has seen its net profit surge to ₹ 297 crores at 132%. ₹ 907 crores were paid as an equalization levy during the fiscal under review against ₹ 518 crores in the earlier fiscal. ₹ 15,120 crores cost incurred on the purchase of inventory.
Facebook India Online Services is a reseller of advertising services to Indian customers through a reseller agreement with another group company and generates revenues through the resale of Facebook advertising inventory. It also generates revenue through agreements for providing IT-enabled business process outsourcing services to the Facebook Group.
Reputed media agencies have estimated that digital media will easily overtake TV in advertising expenditure. Pitch Madison reports projects digital media surpassing TV as India’s largest advertising medium. The report states that Digital advertising expenses will grow by 30%, reaching ₹ 33,070, as compared to TV growing by 14%, touching ₹ 32,100 crores.