Meta has promised that there is more to come, and later it will come up with more tools for advertisers to generate ad copy to highlight product selling points.
Meta Platforms Inc (NASDAQ: META) has started rolling out a line of tools powered by generative AI for all advertisers, with the full rollout expected to be completed by the end of this year. According to Meta, the new AI features will “unlock a new era of creativity” that “maximizes the productivity, personalization and performance for all advertisers”.
Meta’s Generative AI Tools for Advertisers
The new tools include Background Generation, Image Expansion, and Text Variations.
Background Generation is a tool for creating different backgrounds to finalize the advertiser’s product images, customizing them depending on the ads’ audiences.
Image Expansion adjusts creative assets to fit different aspect ratios across multiple surfaces, like Feed or Reels, letting advertisers save time and resources on repurposing creative assets.
Text Variations is a tool that creates different versions of ad texts based on the advertiser’s original copy. It highlights the selling points of their products/services and offers multiple text options for advertisers to better reach their audience.
According to Meta’s survey, those involved in the advertising business believe that generative AI is capable of saving five or more hours a week, which is equivalent to one month per year. Reducing time spent on creating and editing tasks would allow advertisers to allocate more time to strategic objectives. AI Sandbox announced by Meta earlier this year has proved the same. This testing playground for early versions of new tools and features allowed Meta to see its generative AI-powered ad tools in action, and the tests were successful.
Keith Soljacich, Head of Innovation at Publicis Media Content Innovation, commented:
“As an early adopter of Meta’s AI Sandbox, Publicis is excited to experience how it will apply to important client use cases. Ad creative development that is faster, smarter and integrated into the larger Meta ad platform will be a game changer.”
Meta has promised that there is more to come, and later it will come up with more tools for advertisers to generate ad copy to highlight product selling points. Besides, next year, Meta is planning to enable the use of AI for business messaging on Messenger and WhatsApp to engage with customers. Currently, the company is running tests for the feature.
Meta’s Advertising Business
Advertising accounts for the vast majority of Meta’s revenue. Last year, the company was facing financial challenges, suffering losses and seeing its stock dropping. However, now, seems that the strategy called “Year of Efficiency” introduced by Mark Zuckerberg at the beginning of 2023 is working. The strategy paid off with an 11% revenue increase in Q2 2023 second quarter compared with the same period last year. Advertising revenue for Q2 2023 was $31.5 billion compared to $28.2 billion in the same period in 2022.
In addition, AI-generated content improved Meta’s engagement, driving a 7% increase in time spent on apps, especially short-format video ‘Reels’, and monetization across the spectrum of applications.