Facebook isn’t new, and neither is the idea that every business needs a Facebook presence.

However, a lot has changed since Facebook first entered the marketing scene. Today, the world’s largest social network can do things many of us would never have dreamed of 10 years ago: host 360-degree videos, sell products via a chatbot, or even serve as a top news source for two-thirds of the adult population.

Facebook has 1.56 billion daily active users . Let’s put that in perspective. That’s nearly 5x the population of the United States, 20% of the world population … and still climbing.

It’s not only the sheer number of people but the amount of our attention Facebook owns. Globally, the average user spends almost an hour per day on Facebook. Considering the average person sleeps eight hours a day, that means about 7% of our waking hours is spent with our eyes glued to the social network.