You're definitely not alone — many creators and page admins are reporting similar drops in Reels reach this week.
A few things could be happening:
Algorithm adjustments – Meta often tweaks how Reels are distributed, and sometimes reach can dip before stabilizing again.
Boosted content getting preference – Paid promotion will push reach higher, so organic posts may look weaker by comparison.
Seasonal/content fatigue – Engagement shifts can also be due to audience behavior changes (events, holidays, news cycles etc.).
Right now, it does feel like an algorithm update, especially if you’re seeing a sudden ~60% drop overnight on previously consistent Pages.
What helps right now:
• Post higher watch-time content (short hook + watch till end)
• Try different creative angles (text overlays, trends, music)
• Test posting times
• Engage quickly with comments
• Mix in Stories + Live to signal activity
But yes — if your only strong reach comes when you spend on ads, that suggests the algorithm is favoring monetized/promoted content at the moment.