DID YOU KNOW?
Did you know that photos with faces get 38% more likes on Instagram? It is no wonder that Instagram has been an effective photo and video-sharing social networking application owned by Facebook, Inc.--yes, you read that right. Instagram was acquired by Facebook Inc. on April 9, 2012, for 1 billion US dollars. According to Mike Hoefflinger, a former Facebook executive, the acquisition proved that Facebook could build multiple products at the same time. For six years now, Instagram has transcended the realms of being a mere photo and video-sharing app into a business platform and now has more than 600 million users and statistics show that it will soon be a multi-billion-dollar ad business. True enough, because according to the statistics presented on Instagram Business and cited by Sprout Social, 80% of users follow a business on Instagram, and on a more tangible note, at least 30% of Instagram users experienced buying a product they first found out on Instagram.
Moreover, when you are in business mode on Instagram, you are eligible to see and utilize the data presented about impressions and reach per post. The business projection shows Instagram mobile ad revenue may hit 7 billion US dollars by 2018 from a 3.64 billion revenue in 2017. Overall, Instagram paved the way for the emergence of a new business platform with the utilization of followers, photos, video-ads, and other promotions in hashtag form.