At its core, however, is good old advertising. Well, maybe not old.
“We’re going to pursue any avenue we can to help business owners, all within the bounds of privacy control,” said Andrew Bosworth, Facebook’s vice president of ads and business platform. “Consumers need to feel comfortable if we ever creep, anybody, out we’ve done a poor job.”
Ahead of Advertising Week 2016 in New York, Mashable spoke with Bosworth to learn how Facebook has grown in digital and mobile advertising and what the team is creating next.
The world’s largest social network brought in $17.9 billion in revenue last year, up 250 percent from 2012. The company’s big bet on mobile has paid off with 84 percent of its advertising revenue coming from mobile ads last quarter.
“When you look at paid social on Facebook, it’s really one of the most efficient digital vehicles that you have at our disposal,” said Janice Suter, director of social media at ad agency GSD&M.
Facebook isn’t done building support for more business, and it isn’t done maturing. In the last year, the company has had its greatest momentum in advertising, Facebook and clients toldMashable.
Facebook delivered monthly product changes to improve measurement, provide more creative experiences and drive sales, especially on mobile. Advertisers now, for example, can measure who has viewed a video with sound, create a 360-degree video and track if an ad sent someone to a brick-and-mortar store.
The growth isn’t without bumps, as advertisers evaluate what works for them and Facebook learns from mistakes. Facebook also shut down FBX, its real-time bidding ad exchange, and LiveRail, its ad server.
“The challenge that Facebook is undergoing in terms of effectiveness is more everyone having an understanding of its capabilities and also its limitations,” said Larry Lac, director of social marketing at Havas, one of the world’s largest ad agencies.
For instance, Facebook has been heralded as a tool for sophisticated targeting to consumers yet in August consumer goods giant Procter & Gamble announced it would scale back on such narrowed targeting, Wall Street Journal reported.
Facebook has prioritized video, and yet, the company was forced to publicly apologize Friday after another Journal report cited advertiser’s anger over a misrepresented video metric that inflated results, overestimating average time spent watching videos by between 60 to 80 percent.