Once upon a time, Snapchat was in line to take over the social network throne from Facebook. It had unique features, fast growth, and celebrity superusers. But as the hype faded over the last year, one thing has become clear: Snapchat doesn’t have a good revenue model.
As Snapchat’s standing dipped, Instagram took off. In September, Instagram reported that more than 800 million people use it every month—four times the size of Snapchat’s user base. And per TechCrunch, the number of advertisers on the platform has doubled to 2 million since March. Instagram has become the the ideal social network, something built in a lab by the savviest venture capitalists and engineers. It copies Snapchat’s best features, avoids Twitter’s divisive minefield, and has the support of Facebook’s business empire. (Facebook bought the company in 2012.)
To show just how important Instagram has become in digital media and advertising, the e-commerce software company X-Cart recently published an infographic full of stats and information on “what is costs to reach a massive audience.” It turns out that 72 percent of users make buying decisions based on what they see on the site, and the average cost of a sponsored post is $300. Facebook and YouTube still hold a sizable lead in terms of active users, but Instagram’s influence is rapidly on the rise.
Check out the full infographic below for more data on the social network’s marketing power.