The number of advertisers on Instagram has now passed 500,000 according to the company. In fact the number of global advertisers across all industries has more than doubled since February when it first announced 200,000 advertisers on the platform.
The top five countries adopting Instagram advertising are the US, Brazil, UK, Australia and Canada.
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More than 1.5 million businesses have also converted to a business profile since the launch of Instagram Business Tools earlier this year.
“With Business Tools, businesses can easily connect with customers through business profiles, learn what resonate with their audience through insights, and promote a post from within the app,” a spokesperson said.
“Businesses have been an important part of the Instagram community since the beginning and continues to be an essential place for businesses to grow.”
In a company blog coinciding with the news Instagram revealed that more than half of its half a billion users follow a business account.
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It said by marketing to passions, businesses are turning that inspiration into action. 75 per cent of Instagrammers take action after being inspired by a post, like visiting a website, searching, shopping or telling a friend. Since ads launched last September, there have been 1 billion actions taken on Instagram ads.
According to the blog, “In fact, 70 per cent of performance campaigns generated statistically significant lifts for online conversion or mobile app installs. After evolving the link ad format in June, performance on those ads increased more than 45 per cent. And the value of ads extends beyond mobile, contributing to a 2 per cent lift in offline sales.”
Rather than just a focus on inspiration and engagement, social platforms such as Instagram are moving towards allowing users to transact on the platform as well.
Instagram is part of the Facebook portfolio. The Facebook mothership has 1.7 billion users and its messaging app Whatsapp has a billion.