Meta Platforms Inc. is introducing new generative AI tools for advertisers, expanding on a previous test of features that enable marketers to create images and text more efficiently. These tools use artificial intelligence to generate background images for products, create different variations of ad copy, or automatically resize ads to fit on Instagram or Facebook. According to Meta, the new features will be accessible to marketers through Meta’s Ads Manager, with global availability expected by next year. The company first allowed a select group of advertisers to test the tools in “AI Sandbox,” a program launched in May. Participants in the testing phase included Publicis Groupe and Media Monks. Meta conducted a survey which found that 50% of advertisers anticipate the tools will save them at least five hours per week in ad creation.
Meta has been steadily incorporating AI into its advertising products in order to enhance performance and compensate for the decline in targeting data resulting from Apple Inc.’s privacy changes. In May, the company also introduced Meta Lattice, a tool that assists businesses in predicting ad performance.
Meta’s efforts to strengthen its ad business appear to be paying off. In the quarter ending on June 30, the company experienced a 12% increase in digital ad revenue, driving its share price to an 18-month high. Furthermore, Meta predicts up to 20% growth in sales in the period ending in September, driven by spending on artificial intelligence, revenue from the short-form video product Reels, and improvements in ad targeting.
As reported by Bloomberg.
Credit: The Star : Tech Feed
