Instagram to Add Advertising Features in Instagram Stories
By Mei Manuel, January 12, 2017 04:01 AM
On Wednesday, Instagram announced that they will be bringing in more than 30 advertisers into Instagram Stories as a way to boost advertising revenue.
Facebook, the company who owns Instagram, announced that the social media company will be a key player in maintaining Facebook's growth in advertising revenue for this year. During the last two earning calls, Facebook's executives remarked that they may soon reach a limit on the amount of ads they can place before users.
According to the analysis of eMarketer, Instagram is expected to generate $3.64 billion in worldwide ad revenue this year. This will represent 12.3% of Facebook's global ad business. In the US, eMarketer said that Instagram would account for more than 20% of Facebook's ad revenue.
The analysis also said that 74% of US companies plan to use Instagram to advertise their products this year, enabling Instagram to surpass Twitter as a favorite advertising platform.
Instagram Stories allow users and businesses to post a string of photos and videos that would disappear after 24 hours. The feature was opened to the public in August and currently has 150 million daily active users according to Instagram's director for market operations Jim Squires.
The new ad product will show full-screen ads in intervals as users swipe through photos and videos on their Instagram Stories dash. The company is currently testing the product with major advertisers such as GM, Nike, and Airbnb. Next month, Turner Sports will test adds for cable network TNT's airing of the NBA All-Star Game in New Orleans next month.
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