Like Reels, META's periodic click-to-message ("C2M") disclosure helps Nowak estimate that C2M will make up ~$12 billion (9%) of total META FY23 ad revenue (rising 36% Y/Y). He expects C2M to continue to grow at outsized rates, with META investing in onsite objectives like lead gen and products to enable businesses to optimize for down-funnel conversions in messaging apps. In the long term, the analyst also sees the potential launch of AI-powered agents in WhatsApp, Messenger, and Instagram, which could further increase these applications' search and shopping capabilities. In an ad world increasingly focused on more directly linking ad dollars to transactions, Nowak thinks C2M ROI-based ad spend will expand ad budgets.