1/4📊Per @streamlabs, $FB Gaming shows sustained growth in hrs watched while $GOOGL's YT Gaming falling off in 2021. All 3 services have been on the rise with the pandemic, with $AMZN's Twitch as the clear leader.
#Facebook is the core #moat to $FB with arguably the largest (2.9B MAU) and strongest (fundamentally interpersonal SM) network effect on the market. Displacing the #1 keep-in-touch SM'll be tough, competes w/ email and phone, but enables blitz-scaled bolt-ons.
🌏2/ While #Facebook has seemingly saturated the market in NA (at ~53% of MAU/pop) and EU (~47%), bulk of user growth is in AP-RoW, long runway from current ~28% penetration (some more incl. #WhatsApp).
Using DAU/MAU as proxy for engagement we see the stickiness of FB-Messenger.
📈3/ Billions of users in #Zucc's hands driving unrelenting growth in ARPU, across the board. As NA-EU prints money, AP-RoW will further develop and get online while $FB's SMs enables ppl & businesses to prosper. Long-term opportunity of growing ARPU on this userbase is immense.