Facebook, Inc. (NASDAQ:FB) has announced that Instagram has topped the half-a-million mark for advertisers.
The social media site only had 200,000 advertisers in February 2016, and it has more than doubled this figure with 500,000 advertisers now. Since launching Instagram ads a year ago, 1 billion actions have been taken–this refers to clicking through a website, downloading an app or adding an item to a shopping cart.
The site has about 500 million active monthly users and about 300 million active daily users. Facebook is hoping to expand its user base and revenue growth, the latter of which grew by 63% in the second quarter.
Instagram VP & GM of monetization James Quarles commented on the social media outlet’s success, referencing the variety it offers which includes consumer goods, e-commerce and technology.
“Big businesses are trying to catch up their ad dollars with time spent,” Quarles said. “I think we’re part of that shift of budgets into digital/mobile.”
About half of the website’s users follow a business, a percentage that has been consistent throughout the app’s existence. Additionally, about 60% of users say they learn plenty from products and services offered by Instagram, including retail fashion and new movies.
“If you’re a consumer goods company and you’re advertising on TV, you don’t have measurability: This specific ad generated this amount of sales,” Quarles said. “The precision and the magnitude.”
FB stock is up 0.2% Thursday.
