Instagram, probably one of the most widely used photo-sharing network, has surpassed Twitter in terms of monthly active users.
Last year, Instagram announced that it enjoys up to 300 million monthly active users while Twitter reported 284 million monthly active users during that period.
The photo-sharing network is projected by analysts to be generating US$700 million (RM2.5 billion) in revenue this year and US$5.8 billion by 2020.
According to Cowen & Co, the surge in sales is largely due to Instagram’s user growth – which is projected to double to 680 million by 2020 – paving way for larger advertisers to follow.
In a report by Mashable, analysts said: “Given the user scale, advertising interest, shifting TV ad spend to digital and Facebook’s monetisation capabilities, we are more confident in our instagram revenue projection. The photo-sharing application was bought by Facebook for US$1 billion in 2012, Instagram is now worth about US$33 billion, according to estimations by Cowen.