Facebook India Revenues Touch $1 billion

Facebook’s India revenues have hits $1 billion owing to a digital surge and growth in platforms such as Instagram and Facebook.

Facebook’s India revenues during the year 2020-21 has increased to Rs 9,000 crore or $ 1.2 billion as compared to Rs 6,613 crore in the previous fiscal, according to sources. The actual figures would be revealed when the California-headquartered files the same with the Registrar of Companies.

Ajit Mohan, Managing Director, Facebook India “Last year saw an inflexion point in consumers not just moving online, but also deeply engaging with businesses and brands online. This has led to an increase in online marketing spends which has driven the growth of digital advertising in India.”

The platform’s growth in India in the past few years has been phenomenal owing to a number of factors such as a fall in data prices, cheaper smartphones among other factors.

The lockdown also helped the growth of social media and internet companies as people stayed at home and took to the internet for everything from entertainment and studies to shopping. Online advertising benefitted majorly from the digital push from which tech players such Google and Facebook benefitted majorly.

Shashi Sinha, CEO of advertising major IPG expects the digital market to grow around 40 percent this fiscal. Digital consumption shot up last year. The trend is irreversible.

Ashish Bhasin, CEO of Dentsu Asia-Pacific states that the engagement of digital firms has been getting deeper into the economy. Both big and small organizations are leveraging the internet to connect with their customers. The Internet continued to function even when the world shut down. Change in consumer behaviour during the lockdown is here to stay, he adds.