文/刀客doc 如果现在还用"Facebook的小弟"来定义Instagram，多少显得有些过时了。 在和一些出海品牌负责人聊天时，我有个很明显的感受：他们已经不会再把Instagram当成"附属资源"去 看待。 到2025年第二季度，Meta公布的财报显示，广告业务营收465.6亿美元，高于华尔街预测的439.7亿美 元。而这背后最明显的增量来源，其实是Instagram，尤其是Reels。平台上的短视频观看时长同比增长 超过20%，再叠加新的广告排序和推荐模型上线，转化率也被推高了。 虽然Meta并没有单独披露Instagram的广告收入，但从Reels的展示占比和预算流向来看，它已经成了 Meta增长最确定的动力之一。 我翻了一下eMarketer的预测：2025年Instagram在美国的广告收入有望达到320.3亿美元，占Meta在美广 告收入的50.3%，首次超过Facebook。如果这个数字成真，那Instagram将第一次在集团内部实现"反 超"。 一 这种反超的态势也体现在广告流量的价格上。二季度Instagram的广告CPM达到9.46美元，不仅高于 Facebook，也超过了TikTok ...

Core Insights - Meta Platforms and Reddit are significant players in the social media sector, with Meta serving over 3.4 billion daily users and Reddit having 108.1 million daily users, both primarily generating revenue from advertising [2] - The global social media advertising market is projected to grow from $228.18 billion in 2024 to $406.64 billion in 2029, reflecting a CAGR of 12.25% [3] Company Performance - Reddit is experiencing strong user engagement growth, with expectations of Q2 2025 revenues between $410 million and $430 million, indicating a year-over-year growth of 46-53% [6][9] - Meta Platforms has seen a 7% increase in time spent on Facebook and a 6% increase on Instagram over the past six months due to AI integration [8] AI Integration - Both companies are investing heavily in AI to enhance advertising capabilities and user experiences, with Meta AI reaching nearly one billion monthly users [3][8] - Reddit's AI-powered features, such as Reddit Answers, are enhancing content discovery and personalization, with over one million weekly users engaging with this feature [5][6] Advertising Strategies - Meta's Ads Manager now integrates across WhatsApp, Facebook, and Instagram, optimizing advertising spend with Advantage AI [9][10] - Reddit is improving its advertising technology and tools for advertisers, but it still lags behind Meta and Google in this area [7][9] Financial Metrics - Reddit's stock trades at a forward Price/Sales ratio of 12.62X, while Meta's is at 9.06X, despite Meta's broader reach and diversified advertising tools [9][16] - The Zacks Consensus Estimate for Reddit's 2025 earnings is $1.21 per share, while Meta's is $25.35 per share, indicating a 6.24% increase over 2024 [18] Competitive Positioning - Meta Platforms is viewed as having better growth potential due to its diverse business model, proven AI implementation, and multiple revenue sources [19] - Reddit's unique community-based model presents challenges for rapid growth and revenue diversification [7][19]