By Elizabeth Culliford

(Reuters] – Facebook (NASDAQ) launched its Reels short video feature to more than 150 countries on Tuesday. The owner Meta Platforms announced this move in an effort to increase its fastest-growing content format.

Reels was a top priority of the social media giant that recently saw its market value drop by a third after an earnings report.

Meta created Reels for Instagram in 2020 as an answer to TikTok’s explosive popularity. It also launched Reels on Facebook in 2021.

Meta CEO Mark Zuckerberg posted on Tuesday, “Reels is currently our fastest growing content form and we’re making this available to everybody on Facebook global.”

Reels, the company’s new feature that allows creators to earn money, was announced by the company. It claims video accounts for 50% of all time spent on Facebook.

The company stated that it would expand its bonus program for creators, and be testing overlay ads with banners and stickers to help creators earn ad revenues. The company would soon roll out full screen ads for Reels.

Meta claimed during its recent earnings that Apple Inc (NASDAQ) privacy changes made to its operating systems have caused it to take hits. This has made it difficult for brands and advertisers to measure and target ads on Facebook or Instagram. The company also mentioned macroeconomic concerns like disruptions in supply chains.

Last month, the tech giant of 18 years warned that it expected slowing revenue growth for the next quarter because there is more competition for user’s time and shift in engagement towards features such as Reels which produce less revenue.

Meta announced Tuesday that it will be rolling out updates to allow users to create and see Facebook Reels at new locations, including in the Stories feature, Watch tab, and the top of their news feed. Some countries will allow users to see suggested Reels within their news feed.