Facebook Reels, similar to Instagram and TikTok, are now available in 150 countries worldwide

Facebook's short video feature Reels is being expanded to more than 150 countries, according to its owner Meta Platforms, in an effort to increase its fastest-growing content format.

The social media behemoth, which just lost a third of its market value following a disappointing earnings report, has identified Reels as a top focus.

Meta debuted Reels on Instagram in 2020 and Facebook in 2021 as a response to the wildly successful short-video app TikTok, which is owned by Chinese internet behemoth ByteDance.

"Reels are already by far our fastest-growing content type, and today we're making it available to everyone on Facebook globally," said Meta CEO Mark Zuckerberg in a Facebook post on Tuesday.

The business, which claims that video now accounts for half of all time spent on Facebook, also unveiled new methods for creators to make money via the Reels feature.

It announced that it was expanding its programme to give creator bonuses to other countries and that it was experimenting overlay advertisements with banners and stickers for artists to earn ad money. It planned to start running full-screen adverts between Reels soon.

During its most recent earnings call, Meta stated that it had been harmed by Apple's privacy changes to its operating system, which have made it more difficult for marketers to target and measure their adverts on Facebook and Instagram. It also mentioned macroeconomic concerns, such as supply-chain disruptions.

Last month, the 18-year-old digital titan also warned that revenue growth would decrease in the coming quarter due to rising competition for users' time and a move in engagement toward features like Reels, which produce less income.

In its announcement on Tuesday, Meta also stated that it would roll out changes to allow users to create and view Facebook Reels in additional areas, such as the Stories feature, the Watch tab, and at the top of the news feed. Users in some countries will also receive suggested Reels in their feed.