Meta Platforms’ earnings call last week was a clear indication of what the owner of Facebook and Instagram is focused on this year: Reels. In the earnings call for the fourth quarter, executives mentioned Reels 34 times and analysts used it another six, according to a transcript of the call. Combined, the 40 instances amount to a mention of the short-form video app once every minute-and-a-half during the hour-long call. 

We went back through transcripts of Meta’s earnings calls for the last six quarters to see how the company’s messaging has changed over that period. As the chart above shows, the only buzzword to rival Reels was metaverse, the immersive virtual reality CEO Mark Zuckerberg has been championing. Meta executives had mentioned the word metaverse for the first time in its second quarter earnings call in July, and Meta executives and analysts on the call used the term 20 times. Since then talk of the metaverse has fallen—and Reels chatter has picked up.