Popular app’s sales puts it on par with Netflix’s annual revenue
Here’s something Facebook investors will probably like: Instagram, the popular pictures and messaging app owned by Facebook, brought in about $20 billion in advertising revenue in 2019, or more than a quarter of its parent company’s total revenue, according to a report from Bloomberg on Tuesday.
Instagram declined to comment on the report.
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Last week, Facebook reported it pulled in $70 billion in revenue for all of 2019, but it did not share how much Instagram contributed to its top line. As a standalone company, Instagram’s $20 billion in sales would match how much Netflix brought in last year. Netflix, of course, makes its money much differently than Instagram, shunning ads in favor of monthly fees from its 167 million global subscribers. (The streaming giant has still found ways to work with brands and bring in some money beyond it’s main revenue source, however.)
Also Read: Facebook Appoints Dropbox CEO Drew Houston to Board of Directors
The report comes a day after Google-owned YouTube reported more than $15 billion in annual revenue.
In the last two years, Instagram has increasingly focused on fitting ads in between both user posts and Stories. As Facebook’s growth rate slows, Instagram’s ability to generate big ad dollars becomes increasingly important for its parent company.
Facebook bought Instagram for about $1 billion in 2012, less than two years after its launch. The last time Facebook reported Instagram’s user base in 2018, the app had more than 1 billion users. Last week, Facebook said 2.89 billion people use one of its apps — which includes Facebook, Instagram and WhatsApp — at least once per month.
Also Read: Facebook Stock Tumbles 6.5% After It Posts Slowest Revenue Growth Ever
The report from Bloomberg came out about an hour before Snap Inc. — which created features like Stories that Instagram later lifted — is set to report Snapchat’s fourth quarter results.
10 Most Shocking Russian Troll Posts on Facebook and Instagram, From Hillary Clinton to Police Brutality (Photos)
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House Intelligence Committee
The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.
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House Intelligence Committee
Many posts pushed the narrative that Hillary Clinton would confiscate guns if she were elected President.
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House Intelligence Committee
This graphic meme painted cops as KKK members attacking a young black child.
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House Intelligence Committee
Only "sissies" and other undesirables wouldn't support Donald Trump, many of the memes said.
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House Intelligence Committee
President Obama was a "pawn" and "traitor" in the hands of "Arabian Sheikhs," said one 2016 ad.
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House Intelligence Committee
The "Black Matters US" page touched on hot button issues like police shootings.
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House Intelligence Committee
The "Army of Jesus" page shared a bible verse, along with this meme.
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House Intelligence Committee
Russian trolls also used Instagram to spread sponsored political memes.
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House Intelligence Committee
The "Blacktivist" page routinely shared memes on Colin Kaepernick and other football players kneeling during the national anthem.
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House Intelligence Committee
"Heart of Texas" routinely posted on "Killary Rotten Clinton," and threatened to secede from the union if she won the election.
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House Intelligence Committee
The "Being Patriotic" page labeled ex-cons as "Obama voters."
Congress just released 3,500 posts touching on a myriad of topics
The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.
Sean Burch
Tech reporter • sean.burch@thewrap.com • @seanb44