Meta Ad Library is the public-source-of-truth for competitor ads. It tells you which ads a brand is currently running. But it doesn't tell you the things that matter for creative strategy: what hooks the videos open with, how they emotionally position the product, which products get which formats, or how the strategy varies by audience.
Format mix needs the same care: work it out from what each creative actually shows. In a 30-day sample, 55% of SKIMS ads are image creatives and 45% are video, so the brand invests in both formats at scale.
To do real competitor research, you need to layer on top of Meta's data: hook classification from video transcriptions, emotional scoring of every creative, format-to-product mapping, and platform-strategy patterns.