Facebook's purchase of Instagram has turned into a goldmine

 
Facebook's purchase of Instagram has turned into a goldmine
Instagram was acquired by Facebook for about one billion dollars in April 2012. Now the investment begins to pay off, according to Business Insider.

During an industry conference this week, the head of the advertising agency MEC Global, said that customers spending on Instagram has exploded between the third and fourth quarter.

- We are talking about an increase of around 11,000 percent, says Noah Mallin, head of MEC Global's social media department.

The simple reason for this growth is that Instagram on September 30 opened its API (application programming interface), so that ad customers could start buying advertising spots themselves.

Previously ads on Instagram were more complicated as one had to contact the company's sales staff directly. This led to advertising on Instagram was reserved for the all biggest companies, with the largest budgets.

Mallin says that their customers spend around two percent on Instagram compared with the amounts they spend on Facebook. According to Mallin, these two percentages are not taken from Facebook, but rather added.

- We see no cannibalization, says Mallin.

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