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6/14, 1:38 PM (Source: TeleTrader)
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Facebook to more than double global ad spending

Facebook Inc. will significantly increase its spending on advertising, the Wall Street Journal reported on Friday citing a company executive.

The company's marketing chief Antonio Lucio said that it could more than double its advertising spending and that it will work with a revamped roster of creative agencies on campaigns for various applications such as WhatsApp and Instagram. The tech giant plans to make stories for its applications similar to its "Facebook More Together" ad, which was launched two months ago and encourages people to join groups for meaningful experiences. Lucio added that some campaigns such as Instagram's most likely will not be shown until next year when the company and its agencies will have had time to try out different concepts.

The news comes at the end of an eventful week for Facebook in which it launched a blood donation tool and said that it would open 500 new positions in London. A report earlier in the day also stated that the company's upcoming cryptocurrency will be backed by companies such as Uber Technologies Inc. and PayPal Holdings Inc.

Breaking the News / DZ