Recently, Cowen and Company released a report on the mobile app Instagram. The app launched in 2010 and was acquired by Facebook in 2012 for $1 billion. As of last year, the app started selling advertising. Here’s a few things the report revealed:
– Total users: 300 million. A number that should double over the next 5 years.
– Most users of the app are female, and 72% of those female users are between 18-44 years old. 44% are 18-29 years old.
– Those 18-44 year old women spend an average of 21 minutes a day on the app.
Marketers are finding the app more interesting than ever, and it’s expected to generate about $681 million in 2015, and grow to $5 billion by 2020, beating out rivals Snapchat and Pinterest. Earlier in the app’s growth, Fortune magazine explained the Instagram phenomenon this way:
“Just as Kodak’s invention of a roll of film made it easy for almost anyone to take photographs a century ago, Instagram’s invention of a social feed paired with easy-to-use editing tools makes everyone capable of creating and sharing nuanced, edited pictures today. And that photo sharing has empowered people in powerful, unexpected ways—even those not named Kardashian or Bieber. A 13-year-old professional skateboarder, for instance, can draw a large audience for a practice skate session with one photo posted to his 42,000 followers. And an Oxford, Miss., mom who started using Instagram to exchange photos with her sister has amassed an audience of 530,000. Her photos were so popular she set up a storefront and began selling prints—enough to quit her job. Much as YouTube did for Google, Instagram has put Facebook squarely in the heart of an increasingly important medium for communication.”
What’s the most surprising thing to you about the popularity of Instagram?