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Instagram is a $100 billion, top-three global ads business that is fast becoming Meta’s leading platform in core ad markets as Facebook faces user tipping points across the UK, US and Western Europe.

Reels capture over half of user time, making Instagram an enormous creator as well as brand platform. Instagram must decide whether to join YouTube, Netflix and Disney on the creator escalator as professional content providers seek greater rewards.

Meta’s ads war chest dwarfs YouTube’s. Unlocking it would mean giving up precious margin, so Instagram will have to make tough choices and innovate. We expect announcements at Meta Connect on how content is surfaced on Instagram, on distribution across devices, and on targeted rewards for longer formats.

Broadcasters deliver significant societal value in Europe, but face challenges, competing for viewers and advertising against global players (streamers/VSPs/social media platforms) with different economic models.

Broadcasters’ advertising revenue is plateauing, with growth in the video ad market driven by the tech giants. Global platforms own vast video inventory and proprietary advertising stacks.

Broadcaster collaboration and consolidation is required. However, content access/prominence on platforms and advertising market definitions must be reviewed with regulatory imbalances redressed.

The government’s latest media green paper proposes prominence for trusted news on online platforms (separately to potential prominence for public service media content). This involves a collision of totally differently regulated parts of the media landscape.

Prominence could take different forms and include different providers. At present, news is a small part of platform viewing, but many types of providers engage in that space, for a range of public service or commercial reasons.

Defining ‘quality news’ is extremely difficult; designating providers is almost as tricky. There is also the matter of deciding who decides what news to promote.