One step away from Facebook: Instagram users reach 2 billion

The number of monthly active users of the social network Instagram has reached 2 billion. Very soon the platform will be able to catch up with Facebook, which currently has 2.96 billion users.

This information appeared in the financial report of Meta Corporation, which owns both platforms. According to the report, the total number of monthly users for all Meta applications is 3.71 billion worldwide. Moreover, more than 2 billion people use the WhatsApp app every day.

In June 2018, Instagram's user base was about 1 billion people: an audience that has doubled in 4 years. Today, Instagram shows users more content based on their preferences, which is likely contributing to the growth of the audience. In addition, TikTok-style short videos have recently appeared on the platform, helping it compete more successfully with China's short video platform.

Despite all this, things are not going well at Meta. The company's stock price has fallen, revenues have also fallen in recent months, and profits are down. According to the latest three-month report, sales are down 4 percent from a year ago, to $27.7 billion, and profits have been cut in half.

The company is struggling amidst many companies cutting advertising budgets amid economic uncertainty, moreover, recent changes to Apple's privacy settings are also hitting Meta's target advertising. Competition with TikTok and other platforms is also exacerbating the problem.

Now Meta, according to experts, is doing its best to attract as many people as possible to Facebook and Instagram, because it is from advertising on these resources that the corporation gets most of its revenue.