07/17/2026
"Our top ads are all video. Clearly video wins."
We believed the top-spenders-skew-video story too, until we pulled it apart across 7 brands.
Yes, the biggest-spending ads skewed video. But mostly because these accounts already produce mostly video. When we compared the two formats head to head, where brands ran both at real volume, they were basically at parity. Static CPA came within about 5% of video. ROAS was even. In one account, static beat video outright.
A video-heavy top-spend list does not prove video converts better. It just reflects what you made.
That is the theme across this entire series. The obvious read of a dashboard is usually the wrong one. Hook rate, CPM, budget steps, launch volume, video: almost all of them behave differently than the playbook says.
We have managed close to $400M in Meta spend and currently run $4M to $8M a month. Every finding here came from a sample of that book, sized to be statistically significant rather than cherry-picked.
The takeaway is not any single number. It is that the confident advice gets repeated until it feels like fact, and the accounts quietly tell a different story. We would rather read the accounts.
More findings coming. If any of these changed how you see your own numbers, that is the whole point.