Social media platforms have played a huge role in communication during the pandemic, with billions of people using them to get information, entertain and socialize amid the COVID-19 lockdown.

As the world’s largest social networking platform, Facebook has witnessed a significant increase in the number of users and revenue amid the coronavirus outbreak.

According to data presented by BuyShares.co.uk, the number of Facebook’s monthly active users hit more than 2.8 billion in 2020, while revenues jumped by 20% year-over-year to $85.9bn.

More Users than YouTube and TikTok Combined

Founded in 2004, Facebook soon became the leading social networking service based on global reach and total active users.

In the first quarter of 2010, the popular social media platform had 431 million users, revealed the company data. In the next two years, the number of Facebook active users surpassed one billion, making it the first social network ever to do so.

Statistics show the number of monthly users continued growing in the following years and hit more than 2 billion in the second quarter of 2017.

The company’s quarterly earnings report revealed that Facebook gained 369 million users between 2017 and 2019, with the total number of active users rising to almost 2.5 billion that year.

However, as millions of people started spending more time indoors and online amid the COVID-19 pandemic, the number of users jumped by nearly 300 million YoY and hit 2.8 billion in 2020, the highest annual increase in years.

The number of daily active users also surged amid the lockdown, rising from 1.65 billion in the fourth quarter of 2019 to 1.85 billion in the fourth quarter of 2020. At that time, the company stated that around 3.3 billion people were using at least one of its core products each month, including WhatsApp, Instagram, or Messenger.

Analyzed by countries, India represents the leading Facebook market globally, with 320 million users as of January. The United States, Indonesia, Brazil, and Mexico follow, with 190 million, 140 million, 130 million, and 93 million, respectively.

Compared to other popular social media platforms, Facebook has more users than YouTube and TikTok combined. Statistics show the two social networks had 2.3 billion and 689 million users as of January, respectively.

Facebook Revenue Doubled in Three Years

The constantly growing Facebook user base has led to a surge in the company’s revenue over the years.

Statistics show Facebook’s revenue doubled in three years and jumped from $40.6bn in 2017 to $86bn in 2020. Last year, the social network accumulated a net income of $29.15bn, ranking first among social media companies.

The company’s earnings report also showed quarterly revenue surged by 33% year-over-year and hit $28bn between September and December 2020, the most significant increase so far. Most of that value, or $27.1bn, was made through advertising. Other revenue streams generated $885 million in revenue.

Statistics also show the majority of Facebook’s ad revenue in 2020, or around 94%, was generated via mobile devices.

The full story can be read here: https://buyshares.co.uk/facebook-user-base-hit-2-8-billion-in-2020-revenues-jumped-by-20-yoy/