We make changes in each of these products, as well as making changes — customers make changes to their campaigns, and then we make changes to the ad format, we feed it into the ML and this sort of circle gives us better and better targeting over time, which we think still leads to better CPMs across the board and better ROAs for our customers.
Operator: Thank you. The next question comes from Mark Mahaney with Evercore.
Mark Mahaney: Okay, thanks. I think I just asked one question on the monetization of Spotlight. It’s something that’s gone back and forth on for a while now. What’s the — I don’t want to see, what’s the holdup in monetizing spotlight, but I do kind of want to ask that, like — what are the factors that you’re looking for, that allow you to be a little bit more aggressive in monetizing what’s clearly a really strong growth asset for you? I know you don’t want to under undermine the user experience, but when do you make that on-off decision or that full on decision? Thank you.
Derek Andersen: Hey, Mark. This is Derek speaking. I can take that question for you. I think for context, just to start, and I hinted at this a little earlier in the prior question. We definitely believe that we are demand constrained and not supply constrained at the moment. And just sort of put a finer point on that, we saw 8% impression growth in the most recent quarter, and that translated into a 9% decline in eCPM. So clearly, demand is the sort of lacking portion of things there. And obviously, that’s why so much focus is on improvement in the DR business so that we can utilize our inventory and monetize it, take share. I think we’re pleased with what we’re seeing also in the growth and supply already. The investments that we made in creator stories in the most recent quarter translated into really solid volumes on posting and that translated into really good engagement.
And so that’s driven from impression growth in the most recent quarter that we’re really pleased about. In terms of Spotlight, though, to answer your question, specifically, we did share last quarter that we would be expanding the testing of Spotlight monetization. And we did do that in Q4 and we’re pleased with what we saw. It remains really early in that testing. But in the testing, we’ve seen thus far, the yield we’re getting on ad served in the Spotlight is equal to and in some cases, higher than the yield we’re realizing currently for similar ads elsewhere in the app. So again, this is really early. But that’s very encouraging data in terms of what it means for our optimism about the potential for Spotlight to become a really meaningful portion of our overall content business in the future.
So we’re going to continue to advance our testing on Spotlight in the months ahead and continue to optimize the ad experience for both our community and advertising partners. But as I said earlier, given we are demand constrained, the urgency to ramp up monetization, there is limited and focusing on the advertiser and the customer experience is the most important thing in the very near-term.
Operator: Thank you. The next question is from Eric Sheridan with Goldman Sachs.
