You are the PM for Instagram Stories. Over the last 4 weeks, Stories engagement increased, but Stories ad revenue fell sharply. Leadership wants to know whether this is a monetization efficiency problem, a measurement issue, or a product mix shift.
Stories DAU is up from 410M to 438M (+6.8%). Average Stories viewed per DAU rose from 18.2 to 20.1 (+10.4%), and total Stories time spent increased from 7.4B to 8.1B minutes (+9.5%). However, Stories ad revenue dropped from $250M to $200M (-20%). At the same time, ad impressions declined from 5.0B to 4.1B (-18%), fill rate fell from 92% to 81%, and eCPM decreased from $50 to $48 (-4%). Product, Ads, and Finance teams are asking for a clear diagnosis and next steps before the monthly business review.
stories_view_events: user_id, story_id, creator_id, timestamp, session_id, dwell_time_ms, country, app_version, device_osstories_ad_impressions: impression_id, user_id, ad_id, timestamp, placement_position, auction_id, filled_flag, billed_flag, predicted_ctr, countryads_auction_log: auction_id, eligible_ads, winning_bid, reserve_price, advertiser_vertical, objective, eCPMstories_sessions: user_id, session_id, stories_viewed, ads_seen, session_length_sec, entry_surfaceexperiments_log: user_id, experiment_name, variant, exposure_timerevenue_reporting: date, country, revenue_usd, impressions, fill_rate, eCPMYou are practicing as a guest. Sign up free to get your answer graded with AI feedback. Your draft stays right here.
