They sell ads. For people to look at ads they need to grab their attention. So they have an ad network, a social media platform, a microblogging platform, a short-form media sharing platform, a messenger, VR SW, VR HW, smart glasses, LLMs, a marketplace, a dating service, a street imagery service, a fitness service, some B2B stuff and so on.
"Can you call Meta diversified given most of its forward looking revenue comes from IG? Lol."
Meta's long term value, as it stands, seemingly comes predominantly from IG given that the probability of success of those things you mentioned are very low and FB is on its last legs in the developed world.
Meta is highly concentrated on IG. And how do we know this? Well Meta's revenues were beat recently by Bytedance. What is Bytedances premier App?
So whats your prediction for the next 12 months?