Instagram now has over 2 billion users; nears Facebook's number
What's the story
Meta's Q3 earnings report was a glum affair. It wasn't any better than the quarter before. Amid the revenue and profit decline, call for reduced spending on metaverse, and more, there was one major silver lining - an increase in Instagram's monthly active users. The platform has undergone several drastic changes in the last few years, making this jump in users more impressive.
Context
Why does this story matter?
Meta is going through a lean patch now. The company has been trying to reinvent itself with a focus on new products such as metaverse and Reels. Most people, including its investors, are skeptical about the metaverse investments. However, it seems that its focus on Reels is finally paying off. The increase in Instagram's user base is a testament to that.
Users
Instagram reached its first billion users in 2018
According to Meta's Q3 earnings call, Instagram now has over 2 billion monthly active users worldwide. It is closing in on Facebook's 2.96 billion users. This is a huge accomplishment for a platform that has been undergoing several changes in the last few years. Instagram hit its first billion in 2018. It reached the second one in just four years.
Changes
Instagram has undergone several changes post 2018
The Instagram post-2018 is different from what it was once before. Earlier, it mostly showed users content from those they followed. Now, the emphasis is on algorithm-selected content. Instagram's main focus these days is on TikTok-like short videos called Reels. This change was made to rival the growth of TikTok. Photos and other video formats are slowly losing their importance.
Reels
1 billion Reels are shared every day on Instagram
The increase in Instagram's monthly active users could be directly related to the uptick in Reels engagement. During the earnings call, Meta CEO Mark Zuckerberg said that over 140 billion Reels are played on Instagram and Facebook every day, a 50% increase from six months. People reshare Reels one billion times/day on Instagram. There is also an increase in time spent on Instagram.