“But Reels is going to be a similar opportunity, but also it will take time for us to close that gap.”

In context

“e Reels question. I think we've touched on it a few times. So I don't know if I have a whole lot that's additive, but it now makes up a meaningful portion of people's time on Instagram. Mark gave the stat that it's over 20% of people's time on Instagram. So that speaks to there being a good opportunity as we ramp ads in Reels, but it's very early days in terms of ads in Reels. But that being said, it's going to take – it's going to be, as Sheryl said, a multiyear journey. If you look at Stories, Stories, we really began ramping in 2018. And at the end of last year, we mentioned that in developed markets, Stories on a sort of per time basis was monetizing at a similar rate as feed. So it took many years for that gap to close and there's still work to be done across the world on that front. But Reels is going to be a similar opportunity, but also it will take time for us to close that gap. But given that it's a good amount of time that people are spending in Reels, that is a good opportunity for us over that time period. Operator: Our next question is from Ross Sandler with Barclays. Please go ahead. Ross Sandler: Yes. Just one follow-up for Sheryl kind of related to that last question. So now that we're in this world where no one can use mobile IDs for targeting. There seems like there's a lot of interesting new ideas kicking around the industry around like cohort-based targeting or contextual or other kind of ID-free, privacy-centric targeting techniques. So my question is, given the size of Facebook and all the first-party data that you have, how do you think some of these new techniques are going to perform relative to the rest of the industry? And when do you expect th”