Facebook’s advertising business is “going to grow even faster than the rest of us”, the social network said on Tuesday, with a big focus on online advertising.
Facebook said that its ads would reach 15% of the world’s population by 2020.
Advertising revenue was expected to double to $11 billion by 2021, according to the company.
Advertisement Facebook chief executive Mark Zuckerberg has said the social media company will grow its advertising revenue by 50% by 2020, with ad revenues expected to hit $11bn.
Zuckerberg said the company had more than 100 million users, which was “much higher than we thought” before the launch of the app in 2011.
The company said that advertisers would need to invest in new technology, which will help them achieve higher revenue per user.
“We’re going to get into a world where the best brands will be able to reach more people in more places,” Zuckerberg said.
The CEO said the average amount of advertising spend per person on Facebook was around $3.10 per day, but that advertisers could get as much as $50 per day.
“Our ads are going to be much bigger than that,” Zuckerberg added.
On Tuesday, Facebook said that the company would be working with brands to help them understand the ad space and understand what types of ads would best serve their target audiences.
It will also use the data to better target ads to the people they target.