How Meta and Google print
Almost all ads. Reality Labs spends. The apps collect the attention.
Ads are still the book. Cloud is the growth line. YouTube and subscriptions sit under ads.
The mix
Hover a slice
- Family of apps ads97%75%
- Reality Labs / other3%—
- Google Cloud—13%
- Other—12%
- MetaGoogle
Meta
Feed and Reels sell attention. The headset is a cost center with a long bet.
Pays: Advertisers on FB, IG, WhatsApp, Threads.
Builds: Feed ranking, ads, and Reality Labs. Product and ML are the spine.
The search box funds the lab. Cloud is the second engine.
Pays: Advertisers. Cloud customers. YouTube and Pixel on the side.
Builds: Search, ads, YouTube, Cloud, DeepMind / Gemini. The IC book is huge.