What to Know:
– Instagram is projected to have 1.2 billion users by 2023.
– The platform is expected to generate $595 million in mobile ad revenue in 2023.
– Instagram Stories has over 500 million daily active users.
– 90% of Instagram users follow at least one business account.
– 70% of shopping enthusiasts turn to Instagram for product discovery.
– Influencer marketing on Instagram is expected to reach $5-10 billion by 2023.
– The average engagement rate on Instagram is 1.22%.
– 71% of US businesses use Instagram.
– 80% of Instagram users follow at least one business.
– 60% of Instagram users discover new products on the platform.
The Full Story:
Instagram has become one of the most popular social media platforms, with a user base that continues to grow rapidly. In 2023, it is projected to have 1.2 billion users, making it a powerful platform for businesses to reach their target audience.
One of the key revenue streams for Instagram is mobile advertising. In 2023, it is expected to generate $595 million in mobile ad revenue. This highlights the importance of Instagram as an advertising platform and the potential for businesses to reach a large audience through targeted ads.
Instagram Stories has also gained significant popularity, with over 500 million daily active users. This feature allows users to share photos and videos that disappear after 24 hours. Businesses can take advantage of this feature to engage with their audience and showcase their products or services in a more dynamic and interactive way.
The platform has also become a hub for businesses, with 90% of Instagram users following at least one business account. This presents a great opportunity for businesses to connect with their target audience and build brand loyalty.
In terms of shopping, Instagram has become a go-to platform for product discovery. 70% of shopping enthusiasts turn to Instagram to discover new products. This highlights the importance of having a strong presence on Instagram for businesses in the retail industry.
Influencer marketing has also become a significant trend on Instagram. It is projected to reach $5-10 billion by 2023. Influencers have a large and engaged following on the platform, making them valuable partners for businesses looking to promote their products or services.
The average engagement rate on Instagram is 1.22%. This metric measures the level of interaction and engagement that users have with a post. A high engagement rate indicates that users are actively interacting with the content, which can lead to increased brand awareness and potential sales.
In the United States, 71% of businesses use Instagram. This highlights the popularity of the platform among businesses and the recognition of its potential for reaching a large audience. With 80% of Instagram users following at least one business, it is clear that users are receptive to engaging with brands on the platform.
Finally, Instagram is a powerful platform for product discovery. 60% of Instagram users discover new products on the platform. This presents a great opportunity for businesses to showcase their products and attract new customers.
In conclusion, Instagram continues to be a dynamic and influential platform for businesses. With a large and engaged user base, businesses can leverage Instagram to reach their target audience, build brand loyalty, and drive sales. As the platform continues to evolve, businesses should stay updated on the latest trends and strategies to make the most of their Instagram presence.
Original article: https://www.searchenginejournal.com/instagram-statistics-facts/479315/