Wednesday September 27, 2023
The Best Employers in Sports Survey is Now Open!

Facebook Sees Revenue Spike, Looks to Metaverse

  • Facebook saw a year-over-year revenue increase of 56% in the second quarter, on the strength of higher advertising prices.
  • CEO Mark Zuckerberg touted the company's initiatives around the "metaverse."
Jefferson Graham-USA TODAY/Design: John Regula
Front Office Sports Today

Writer’s Strike End a Boon for Sports Networks, Agencies

We delve into the potential long-term impact of the five-month strike.
Listen Now
September 26, 2023 | Podcast
Copy Link
Link Copied
Link Copied

Facebook’s next phase is coming into focus.

The company posted $29 billion in revenue in Q2, a 56% jump from the same period last year. Net income doubled to $10.4 billion.

The growth was driven by ad prices increasing by 47% year-over-year. Monthly active users grew 7% year-over-year to 2.9 billion — 36.7% of Earth’s population.

CEO Mark Zuckerberg said he’s excited for the company to “bring the vision of the metaverse to life,” referring to the virtual world that ties together major Facebook properties including its Oculus VR system and its cryptocurrency Libra.

Facebook is using Oculus to make a play in the fitness space. 

  • The company rolled out Oculus Move, a program that tracks physical activity across Oculus apps and games, in November. 
  • Earlier this week, a developer noticed code in Oculus’ software that suggests a possible integration with Apple Health.

The ubiquitous social network has shifted its sports strategy away from media rights to major leagues, such as MLB and LaLiga. 

Facebook has instead moved toward a pay-per-view model for live streaming niche sports. Major Arena Soccer League and the Challenge Miami Triathlon have both broadcast events on the platform.

Editor’s note: Facebook is an FOS partner.

Copy Link
Link Copied
Link Copied

What to Read

NFL's Swift Mania Starting To Show Impact Through Merch Sales, Viewership

Taylor Swift stole the NFL's spotlight by attending Sunday's Chiefs game.
First Take vs. FS1

Sharpe: 'First Take' Would Still Beat 'Undisputed' Without Stephen A.

Even if Smith leaves, Sharpe said he will still beat Skip Bayless in the ratings.

Oakland-MLB Relationship Devolves Into Next-Level Toxicity

Commissioner, mayor have very different accounts of July meeting
Jacksonville Jaguars Team President Mark Lamping addressed community members at Strings Sports Brewery on Main Street for the first of 14 planned town hall sessions to present the team's plans for the new "stadium of the future" complex and address the public concerns.

Jacksonville Jaguars President Walks Back Stadium ‘Threat’

"Viewing those comments as a threat to leave Jacksonville isn't correct."
podcast thumbnail mobile
Front Office Sports Today

Writer’s Strike End a Boon for Sports Networks, Agencies


Featured Today

Chatri Sityodtong

ONE Championship's Quest To Challenge Rival UFC Through U.S. Expansion

Leveraging its Amazon deal, ONE Championship seeks to expand in U.S.
September 24, 2023

Savannah Bananas Break All The Rules To Hit The Mainstream

Team concludes 2023 tour with even-bigger plans for next year
Deion Sanders with The Rock on ESPN's "College GameDay."
September 23, 2023

Deion Sanders Generated $45M In Earned Media For Colorado

From Sept.1-22, Sanders generated $45.7M for the public university.
September 23, 2023

Up Next For College Football Playoffs: More Change, Money, And ... Streaming?

Many changes are coming to the CFP when it expands to 12 teams.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Chicago Cubs
New York
Tri Star Sports and Entertainment Group, Inc.
USA - Multiple Locations
The Adidas ball has changed over the years.

The Most Advanced Tech at the Women's World Cup Might Surprise You

This year's OCEAUNZ introduces connected ball technology to the women's game.

Rewriting the Sports Media Playbook

WSC's highlight automation improved Clemson's content strategy and overall growth.

Creating Fan-Centric Content With AI

WSC’s highlight automation improved the speed of ESPN’s content creation.

Re-Imagining Storytelling With AI

Amy Anderson, Head of Content Strategy at NASCAR Studios, discusses the role of AI technology in developing and growing new content.
Arial view of Audi testing track
December 4, 2022

Audi Gears Up for F1 with Major New Facility

Audi is building a 10,000 square-foot building to support its F1 efforts.
Woman wears Meta Quest headset while working out to have virtual reality exercise session
November 22, 2022

Meta's Plans for VR Fitness Could Hit Snag

A government agency is looking to block an acquisition by Meta.
Nike phone advertisement
November 15, 2022

Nike Jumps Further into Metaverse With Virtual Sneaker Platform

The world’s largest sportswear company is taking its talents to the metaverse.

Sports Content Kings: NASCAR’s Amy Anderson on Re-Imagining Storytelling With AI

Read an interview with NASCAR Studios Head of Content Strategy, Amy Anderson, to learn how her team is re-imagining storytelling.