Stories potentially have significant value for Facebook beyond strategic positioning. First and foremost, the fact that users find Stories even more engaging than the News Feed suggests there is at least the possibility to create even more engaging advertising as well. This is in fact another way to look at that chart about the top 200 advertisers: the biggest spenders are brand advertisers, and while it is to Facebook’s credit that they serve the long tail, there remains a significant opportunity the company has mostly not tapped into, and oh-by-the-way, those are the advertisers best equipped to spend the money to make an effective Stories ad; after all, they’re already spending the money on TV.

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