More than 200 million businesses use Facebook’s ad tools to reach customers—and everyone's competing for attention from the same audience. Because more businesses are engaging in e-commerce, the demand for Facebook ads is oustripping the supply of ad space, leading to rising ad costs. To make things worse, the cost is increasing just as (and partly because) Facebook’s user base is stagnating---or even declining. In Q2 2022, Facebook lost two million MAU for the first time in its history.