Thompson cites an FTC filing that sums it up well:

Only a fraction of time spent on Meta’s services—7% on Instagram, 17% on Facebook—involves consuming content from online “friends” (“friend sharing”). A majority of time spent on both apps is watching videos, increasingly short-form videos that are “unconnected”—i.e., not from a friend or followed

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Consumption of video podcasts is growing 20x faster than audio-only podcasts, while over 50% of the top shows now release video versions.