Studies indicate that 62.3% of the world's population uses social media, with the average daily usage time being 2 hours and 23 minutes.
Last year, social media ad spending reached $270 billion and is expected to surpass $300 billion by 2024.
Facebook, with 2.9 billion monthly active users, is the leading social media platform for marketing purposes, followed by Instagram.
Mark Zuckerberg apologized for a previous outage, acknowledging the reliance on their services and the estimated cost of lost ad revenue due to the disruption.
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