INSTAGRAM

ADVERTISING
What Marketers Need to Know
JULY 2015
Debra Aho Williamson
Contributors: Danielle Drolet, Jeremy Kressman, Maria Minsker, Corey McNair, Martín Utreras,
Haixia Wang

Read this on
eMarketer for iPad
 INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW
Instagram will soon carry a lot more advertising. Direct-response buttons, an API for ad buying and Facebook-style
targeting capabilities will give advertisers new ways to buy and will lead to rapid increases in ad spending on the
photo-focused social network. eMarketer forecasts Instagram will have $595 million in ad revenue this year, rising to
$2.81 billion in 2017.

Instagram Net Mobile Ad Revenues Worldwide,

■■ Advertisers will be eager to try Instagram’s new 2015-2017
features, and as a result, the social network’s ad billions and % of Facebook total ad revenues
revenue will increase rapidly, approaching $1.5 billion $2.81

in 2016 and $3 billion in 2017. Instagram will account

for 3.7% of parent company Facebook’s ad revenue
this year.
$1.48
■■ In 2017, Instagram will have higher US net mobile
display ad revenues than Google or Twitter.

■■ Instagram advertisers will be able to use a full slate of $0.60 10.6%

7.1%
Facebook targeting tools, including the popular Custom 3.7%

Audiences feature. That will be a key drawing card.

2015 2016 2017
Instagram net mobile ad revenues
■■ Instagram will set a high bar for direct-response ads,
% of Facebook total ad revenues
which will have a premium look. Ad load will remain
Note: paid advertising only; excludes spending by marketers that goes
low, which will likely increase prices. This combination toward developing or maintaining an Instagram presence
Source: eMarketer, July 2015
will effectively shut out many performance advertisers 193464 www.eMarketer.com

seeking a low cost per click (CPC).

■■ Users have shown high engagement with the
branding ads that have appeared on Instagram thus
far, but that could change as new types of advertisers
enter. Appropriate use of targeting and creative will
be necessary.
KEY STAT: After a successful test of brand advertising,
Instagram will be open to any advertiser by year’s end.
Pent-up demand for ads on the social network will help
drive Instagram’s revenue to near $600 million this year
and $2.81 billion in 2017. [Note: The 2015 revenue figure in
this chart has been rounded up from $595 million.]

■■ Instagram will launch ecommerce capabilities with the

“shop now” and “install now” buttons, but the kinds
of advertisers that will benefit most from them will be
those with unusual, limited-quantity or eye-catching
products. App installs may fare better—as long as the
ads meet Instagram’s creative bar.
WHAT’S IN THIS REPORT? This report features eMarketer’s
first forecast for Instagram revenue, as well as an analysis
of what marketers should know about Instagram’s user
base and its new ad products, including best practices for
getting the most out of them.
CONTENTS
2 Instagram Advertising: What Marketers Need to Know
3 New Ad Products Will Lead to Rapid Revenue Gains
5 What Marketers Need to Know About Users
10 Making the Most of Instagram Ads
16 eMarketer Interviews
17 Related eMarketer Reports
17 Related Links
17 Editorial and Production Contributors

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 2
 NEW AD PRODUCTS WILL LEAD TO
RAPID REVENUE GAINS
Instagram’s ad business will ramp up rapidly this
year, expanding beyond branding to include
direct-response ad units, the ability to buy ads
via an API, and enhanced measurement and
targeting features.
Those features will roll out over the next several months,
and by the end of 2015 Instagram will have a full slate of
ad products for advertisers large and small.
EMARKETER’S INSTAGRAM AD
REVENUE FORECAST
Based on expected demand, eMarketer predicts
Instagram will garner $595 million in ad revenue this year
and more than $2.8 billion in 2017.
Instagram’s ad revenue is currently all from mobile. It
will make up 5% of Facebook’s worldwide mobile ad
revenue this year and 14% of that total in 2017, eMarketer
forecasts. In the US, Instagram will account for 10.7% of
Facebook’s mobile ad revenue in 2015 and 28% in 2017.

“We’ve spent the last 18 months establishing the Instagram Net Mobile Ad Revenue Share of Facebook
Mobile Ad Revenues Worldwide, US vs. Non-US,
platform for large brands. The next logical step is to 2015-2017
empower businesses of all sizes to be able to achieve 2015 2016 2017
their objectives,” said Jim Squires, Instagram’s director of % of US Facebook net mobile ad revenues 10.7% 20.1% 28.0%
market operations. % of non-US Facebook net mobile ad revenues 0.5% 1.3% 3.7%
% of Facebook net mobile ad 5.0% 9.5% 14.0%
Many companies will be eager to test the social revenues worldwide
network’s new features. Instagram advertising was Note: paid advertising only; excludes spending by marketers that goes
toward developing or maintaining an Instagram presence
previously a rare commodity, reserved for McDonald’s, Source: eMarketer, July 2015
L’Oréal, Mercedes-Benz and other brands that were 193349 www.eMarketer.com

willing to spend a flat rate of $200,000 to conduct a As the percentages above imply, international revenue is
campaign. Instagram offered those advertisers a limited limited. eMarketer predicts just 5% of Instagram’s total
assortment of image ads, 15-second video ads, and the mobile ad revenue will come from outside the US this
newest feature, carousel ads, which can display more year. The US will account for the vast majority of revenue
than one image. throughout the three-year forecast period, even as
international revenue swells to 15% of the total in 2017.
Now that Instagram is opening up to more advertisers, it’s
likely to find a lot of pent-up demand.
Instagram Net Mobile Ad Revenues Worldwide, US vs.
Non-US, 2015-2017
“Instagram is probably [our] favorite platform right now billions, % change and % of total
in terms of pioneering and being willing to try new 2015 2016 2017
things,” said Roderick Strother, director of worldwide
US $0.57 $1.37 $2.39
digital and social at Lenovo, whose Australian arm —% change - 142% 75%
recently conducted its first Instagram ad campaign. “The —% of total 95% 92% 85%
importance of Instagram has grown tremendously for us.” Non-US $0.03 $0.12 $0.42
—% change - 299% 255%
Instagram has “what a lot of marketers see as the most —% of total 5% 8% 15%
compelling package: audience plus strong engagement Worldwide $0.60 $1.48 $2.81
plus strong brand awareness,” said Victor Pineiro, vice —% change - 149% 90%
president of social media at digital agency Big Spaceship. Note: paid advertising only; excludes spending by marketers that goes
toward developing or maintaining an Instagram presence
Source: eMarketer, July 2015
193279 www.eMarketer.com

In a sign of just how quickly Instagram is expected to

grow in the US, eMarketer forecasts that it will have
higher net mobile display ad revenue than Google or
Twitter in 2017.

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 3
Instagram, Google and Twitter Net US Mobile Display Social Media Sites* Where US Marketers Would Be
Ad Revenues, 2015-2017 Interested in Allocating Their Ad Budget, Feb 2015
billions % of respondents
$2.38 $2.39
$2.29 Instagram 72%

Pinterest 46%
$1.89
$1.72 LinkedIn 41%
$1.47 Google+ 28%
$1.37
$1.19 Tumblr 26%

reddit 14%

$0.57 7% StumbleUpon

6% Other

Note: n=306; "somewhat interested"; *excluding Facebook, Twitter and

2015 2016 2017 YouTube
Source: RBC Capital Markets and Advertising Age, "Social Media Survey,"
Google Twitter Instagram March 12, 2015
186987 www.eMarketer.com
Note: net ad revenues after companies pay traffic acquisition costs (TAC) to
partner sites; includes display (banners and other, rich media and video); ad
spending on tablets is included; excludes SMS, MMS and P2P Another investment bank survey, conducted in December
messaging-based advertising
Source: company reports; eMarketer, July 2015 2014 by Cowen and Company, found that 30% of US
193350 www.eMarketer.com senior ad buyers queried who hadn’t already advertised
on Instagram planned to allocate ad spending there this
Several investment banks and financial entities have
year, ahead of Snapchat and Pinterest.
issued their own forecasts for Instagram revenue, and
there is general consensus that Instagram’s worldwide ad
That dovetailed with a May 2015 finding by Strata that
revenue will top $1 billion in 2016 and $2 billion in 2017.
34% of US ad agency professionals it surveyed said
Instagram was the social media site they were most likely
Comparative Estimates: Instagram Ad Revenues to use for client campaigns, ahead of LinkedIn, Google+,
Worldwide, 2015-2017 Pinterest and Snapchat, among others.
millions
2015 2016 2017
There is also demand outside of the US, where Instagram
Cowen and Company, July 2015 $689 $1,407 $2,223
advertising is available in only seven markets: Australia,
eMarketer, July 2015 $595 $1,484 $2,813
Brazil, Canada, France, Germany, Japan and the UK.
Raymond James, June 2015 $500 $1,100 $2,000
JMP Securities, June 2015 $445 $1,409 -
“In Europe, Instagram is both more interesting and
Trefis, May 2015 $411 $971 $2,160
arguably has more potential than Facebook does,” said
Canaccord Genuity, June 2015 - $1,200 -
Source: eMarketer, July 2015; various, as noted, 2015
Marshall Manson, managing director for EAME at
193479 www.eMarketer.com Social@Ogilvy, a unit of Ogilvy & Mather. Despite the
fact that Instagram’s user base is much smaller than
Facebook’s and that paid advertising is available in a
THE DEMAND IS THERE limited number of markets, “marketers are looking at this
going, wow, this could be really amazing,” he said.
Surveys indicate that marketers are ready to advertise
on Instagram. February 2015 polling of US marketers With Instagram’s doors open to advertising, there
by RBC Capital Markets and Advertising Age found that will soon be a lot more marketers on Instagram, both
72% were at least somewhat interested in advertising organically as well as in paid advertising. As of now, the
there, ahead of Pinterest, LinkedIn and others. [Note: percentage of marketers using Instagram organically trails
Facebook, Twitter and YouTube weren’t included in the behind other platforms. But any company that wants to
survey question.] buy ads on Instagram will need to have an Instagram
account, Instagram representatives said.

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 4
Salesforce Marketing Cloud found in a November 2014
study that 34% of marketers it polled worldwide were
using Instagram—the same percentage that used blogs,
but well behind the response rate for use of Facebook,
Twitter, LinkedIn, Google+ and YouTube.
Leading Social Media Channels Used by Marketers
Worldwide, Nov 2014
% of respondents
Facebook
WHAT MARKETERS NEED TO
KNOW ABOUT USERS
Instagram is a fast-growing property. Its user base
skews young, and it has become a home for people
to explore their passions and interests, as well as to
connect with friends, both ones they’ve met in real
life and ones they haven’t.
80%

Twitter 70%
Key things to know about Instagram usage include:
LinkedIn 62%
■■ The number of US users is substantial and growing.
Google+ 56%

YouTube 56% ■■ International growth is less strong; other social apps

Blogging 34% will be challengers.
Instagram 34%
■■ Instagram is not Facebook; people use it differently, and
Pinterest 24%
for different reasons.
Note: currently using
Source: Salesforce Marketing Cloud, "2015 State of Marketing," Jan 13,
2015 ■■ Brand engagement has been high, but whether that
184497 www.eMarketer.com continues isn’t definite.
Among the fast-growing, privately owned US companies
on Inc. Magazine’s annual Inc. 500 list, Instagram use
reached 25% in 2014, up from 18% in 2013, according to US USER BASE IS SUBSTANTIAL AND
the University of Massachusetts Dartmouth Center for
Marketing Research.
GROWING
Instagram’s monthly US user base increased nearly 60%
The expected momentum in marketer usage and in 2014, to 64.2 million, eMarketer calculates. By 2019,
advertising demand will make Instagram a strong over one-third of the US population is expected to use
contender for ad dollars in the coming years. The next Instagram, amounting to 111.6 million people.
two sections of this report explore what marketers should
know about Instagram’s users and the platform’s new
US Instagram Users and Penetration, 2013-2019
advertising products.
millions, % change and % of population
93.6% 111.6
106.2
98.9
89.4
77.6
59.9%

64.2
40.2 32.3% 33.6%
24.2% 30.3%
27.6%
20.1%
12.7%
10.6%
20.9% 7.4%
5.0%
15.1%

2013 2014 2015 2016 2017 2018 2019

Instagram users % change % of population

Note: internet users who access their Instagram account via any device at
least once per month
Source: eMarketer, Feb 2015
184685 www.eMarketer.com

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 5
Propelled by a nearly 60% gain in users, Instagram Despite Instagram’s growth, its usage remains far below
surpassed Twitter to become the second-largest social that of its parent, Facebook—at least among adults. In
network in the US in 2014. By comparison, Twitter’s US comScore MobiLens’ May 2015 ranking of top apps, it
user base grew just 12.1% in 2014, eMarketer estimates. placed ninth, with 36.6% of US smartphone app users
ages 18 and older using it. Facebook had nearly double
that reach (70.2%), and several Google services as
US Social Network Users and Penetration, by Site,
2013-2019 well as Facebook’s own Messenger ranked higher in
millions, % change and % of population comScore’s list.
2013 2014 2015 2016 2017 2018 2019
Facebook 147.5 152.4 157.1 161.4 165.7 169.2 172.0
—% change
—% of population
4.2% 3.4% 3.0% 2.8% 2.6%
46.6% 47.8% 48.9% 49.8% 50.7% 51.4% 51.8%
2.1% 1.7%
INTERNATIONAL GROWTH ISN’T A GIVEN
Instagram 40.2 64.2 77.6 89.4 98.9 106.2 111.6 Worldwide, Instagram has 300 million monthly active
—% change 93.6% 59.9% 20.9% 15.1% 10.6% 7.4% 5.0% users, according to its own tally, with more than 70%
—% of population 12.7% 20.1% 24.2% 27.6% 30.3% 32.3% 33.6% coming from outside the US. eMarketer has yet to
Twitter 43.2 48.4 53.1 57.6 62.0 66.1 69.1
publish a forecast for worldwide Instagram usage, but
—% change 19.4% 12.1% 9.6% 8.6% 7.6% 6.6% 4.6%
it’s worth noting some key differences in our forecasting
—% of population 13.6% 15.2% 16.5% 17.8% 19.0% 20.1% 20.8%
methodology compared to Instagram’s.
Pinterest 34.9 42.3 47.1 50.7 53.9 56.8 59.3
—% change 34.5% 21.2% 11.4% 7.7% 6.3% 5.4% 4.2%
eMarketer estimates the number of individuals who
—% of population 11.0% 13.3% 14.6% 15.7% 16.5% 17.3% 17.9%
Tumblr 13.7 17.7 20.0 22.2 23.8 25.4 26.6
use a property monthly. We exclude business accounts
—% change 46.2% 29.2% 12.9% 11.0% 7.2% 6.5% 4.8% and multiple accounts by individual users, and discount
—% of population 4.3% 5.6% 6.2% 6.9% 7.3% 7.7% 8.0% for potential fake accounts and bots. That explains why
Total 165.7 173.6 180.3 186.0 191.2 195.9 200.1 eMarketer’s US user estimate is 77.6 million users this
Note: internet users who access their Facebook, Twitter, Pinterest, year, while Instagram’s figures imply a US user base of
Instagram and/or Tumblr accounts via any device at least once per month;
social networking audiences are not mutually exclusive; there is overlap 90 million (and a non-US user base of 210 million).
between groups
Source: eMarketer, Feb 2015; confirmed and republished, July 2015
184672 www.eMarketer.com
Instagram is definitely growing, and its international user
base is substantial, but it is less popular around the world
Teens in particular are heavily represented on Instagram. than other social platforms. For instance, a February 2015
In 2013, 67% of US smartphone users ages 12 to 17 study by Reuters Institute for the Study of Journalism at
used the service at least monthly, eMarketer calculates. the University of Oxford found that 14% of internet users
This year, 89.6% of that cohort will do so. Among in 12 countries examined used Instagram, compared
US smartphone users ages 18 to 24, 57.5% will use to 65% using Facebook, 57% on YouTube, 27% using
Instagram this year, up from 39.0% two years ago. WhatsApp (another Facebook property) and 21%
on Twitter.
US Instagram User Penetration, by Age, 2013-2019
% of smartphone users in each group Although eMarketer considers Instagram to be a social
2013 2014 2015 2016 2017 2018 2019 network rather than a messaging service, the fact that it
0-11 15.1% 20.7% 19.9% 20.1% 20.7% 21.4% 22.3% is predominantly a mobile app puts it in close competition
12-17 67.0% 87.4% 89.6% 90.9% 90.7% 91.1% 91.7% with those services.
18-24 39.0% 53.1% 57.5% 61.4% 64.9% 68.2% 71.1%
25-34 37.1% 48.1% 53.1% 57.5% 61.1% 63.3% 65.2% According to GlobalWebIndex, Instagram’s worldwide
35-44 17.1% 27.8% 32.0% 34.6% 37.1% 39.6% 40.2% user base grew more slowly than that of Pinterest or
45-54 15.1% 21.4% 25.2% 27.5% 29.6% 30.9% 32.3% Tumblr in the period from Q2 2014 through Q1 2015.
55-64 13.2% 19.2% 22.0% 24.7% 26.5% 28.3% 28.8% Instagram’s active user tally rose 46%, compared to 97%
65+ 6.1% 9.1% 10.5% 12.0% 12.3% 12.5% 12.4% for Pinterest and 94% for Tumblr.
Total 27.4% 37.6% 40.7% 43.1% 45.0% 46.4% 47.1%
Note: internet users who access their Instagram account via any device at
least once per month
Source: eMarketer, Feb 2015
184753 www.eMarketer.com

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 6
Leading Social Media Sites/Apps Worldwide, Ranked Social Media Sites on Which UK Social Media Users
by Growth in Active Users, Q1 2015 Have a Profile, Nov 2014
% change vs. Q2 2014 % of respondents
Pinterest Facebook
97% 97%
Tumblr Facebook only
94% 48%
Instagram Twitter
46% 26%
LinkedIn WhatsApp
39% 24%
YouTube YouTube
13% 17%
Twitter Instagram
8% 16%
Google+ LinkedIn
7% 14%
Facebook Google+
-8% 12%
Snapchat
Note: ages 16-64; used in the past month via any device; excludes China
Source: GlobalWebIndex, "Social Summary Q1 2015," May 5, 2015 9%
189709 www.eMarketer.com Pinterest
5%
Instagram faces a lot of competition outside the US,
Flickr
especially as mobile messaging apps such as Snapchat, 4%
Line and Facebook’s own WhatsApp and Messenger Myspace
gain strength. 4%

Note: n=1,093 ages 16+

A November 2014 survey conducted by the Office of
Communications (Ofcom) – UK found that 16% of UK
social media users had an Instagram profile, behind
Facebook, Twitter, WhatsApp and YouTube.
Source: Office of Communications (Ofcom) - UK, "Adults' Media Use and
Attitudes Report 2015," May 11, 2015
190004 www.eMarketer.com
In Brazil, Instagram was the No. 3 app used by
smartphone owners, according to April 2015 research
from Opinion Box. With 36% smartphone user
penetration, it fell a significant distance behind WhatsApp
(86%) and Facebook’s flagship app (76%) but ahead of
Facebook Messenger (30%).

In Asia-Pacific, Instagram faces even more competition.

Only 6% of internet users in South Korea reported using
it in a March 2015 survey by Waggener Edstrom
Asia-Pacific and YouGov, compared to 34% using local
service KakaoTalk and 29% using Facebook. Likewise, in
Japan, 13.5% of smartphone users were using Instagram
as of December 2014, according to Mobile Marketing
Data Lab. That was well behind the 59.6% using local
service Line, the 52% on Facebook and the 39.3%
on Twitter.

The good news for Facebook is that its umbrella strategy

of owning several social media platforms appears to
be working. But Instagram on its own will not be a
worldwide powerhouse on the level of Facebook.

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 7
INSTAGRAM IS NOT FACEBOOK Teens from high-income families were the most likely
of any income group to use Instagram, with 56% of
According to comScore data cited by RBC in a June teens from the highest household income bracket using
2015 report, more than 96% of US Instagram users it—5 percentage points higher than any other income
over the past 12 months were also Facebook users. group—according to March 2015 polling by GfK for Pew
That extremely high figure runs counter to the common Research Center.
perception that Instagram users don’t tend to use
Facebook, or at least don’t use it that often. However, Demographic Profile of US Teen Instagram Users,
given that comScore defines usage broadly (i.e., a visit to March 2015
Facebook or Instagram at least once in a given month), % of respondents in each group
the overlap is probably reasonable. Gender
Female 61%
Another study, by Cowen and Company, backs this up. It Male 44%
found that 92% of the US Instagram users it surveyed in Age
June 2015 were also Facebook users. 13-14 44%
15-17 58%

Despite the overlap, marketers should not assume people Race/ethnicity

Black 64%
use Instagram the same way they use Facebook.
Hispanic 52%
White 50%
“From everything we look at, from our own behaviors to
Household income
how we do a content strategy across different platforms,
<$30K 51%
the strategy for Instagram is very different from
$30K-$49K 50%
Facebook,” said Kelly Meyers, senior creative strategist $50K-$74K 47%
at agency Code and Theory. “The content that’s OK on $75K+ 56%
Instagram is very different for Facebook, and people Source: Pew Research Center, "Teens, Social Media & Technology Overview
behave very differently on the two platforms.” 2015" conducted by GfK, April 9, 2015
188374 www.eMarketer.com

Instagram’s Squires identified several areas where
Instagram differs from its parent:
■■ Community: “There’s this very distinct sense of
community [on Instagram] that just continues to get
stronger and stronger as the years have gone by,”
he said.
■■ Visuals: “It’s photos and video, versus other
platforms where there is text content and a variety of
other formats.”
■■ Creativity: “The creative tools, like the filters and the
image tools that are available, have driven people to do
much more interesting, aesthetically pleasing things
inside the environment.”
■■ Discovery: “People are looking for inspiration and
discovery. And in many cases the entities or people that
they follow are not people that they’ve met in the real
world. These are passion points for them.”
Instagram’s skew toward teens from high-income
households diverges significantly from Facebook’s teen
audience, which leans toward lower-income household
brackets, according to Pew. Of teens in US households
earning $49,000 or less, more than three out of four are
on Facebook. A possible cause of this income-based
discrepancy: Facebook usage is not reliant on smartphone
ownership, unlike Instagram usage.
Another key difference is the ability to have several
accounts on Instagram, something that Facebook
frowns upon. Instagram users can set up accounts
for various passions or friend groups. Rather than
funneling everything into one identity, as people tend to
do on Facebook, Instagram lets them express several
sides of themselves independently. For advertisers
considering how to target people on Instagram, this is an
important distinction.

Demographically speaking, not only is Instagram’s user

base younger than Facebook’s, it also trends toward
higher incomes, at least among US teens.

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 8
BRAND ENGAGEMENT IS HIGH— Social Media Metrics for US Fashion Brands, by Site,
Q2 2015
FOR NOW Facebook Instagram Twitter YouTube
Brand adoption 99% 96% 94% 87%
Marketers’ interest in Instagram has been fueled by —% change vs. same - 11% - -3%
studies showing high engagement with both organic period of prior year
marketing and paid ads. But it is not certain that this "Likes"/followers/ 2,170 1,014 880 25
subscribers (thousands)
will continue when more marketers and their ads enter
—% change vs. same 18% 160% 40% 63%
the system. period of prior year
Engagement rate* 0.09% 0.63% 0.02% -
On the organic side, one factor that has led to high brand —% change vs. same 6% -18% -9% -
period of prior year
engagement is that Instagram users have the potential
Views** (millions) - - - 13.0
to see every post from accounts they follow (provided
—% change vs. same - - - 44%
they log in regularly). This automatically leads to higher period of prior year
engagement. In contrast, Facebook’s algorithm reduces Post frequency (average 7.4 10.4 21.9 0.7
posts per week)
the likelihood of people seeing brands’ organic posts.
—% change vs. same -3% 36% 16% -6%
period of prior year
For example, home furnishings retailer Dot & Bo sees Note: among 79 fashion brands examined by L2 Think Tank; *includes
similar numbers of “likes” on its organic posts on comments, "likes" and shares for Facebook, "likes" and comments for
Instagram, favorites and retweets for Twitter; **includes effect of video
Instagram and on Facebook, even though it has only removal from brand channels
Source: L2 Think Tank, "Insights Report: Fashion: Social Media," May 21,
8,800 followers on Instagram vs. 620,000 on Facebook, 2015
said Allyson Campa, the company’s vice president of 191330 www.eMarketer.com

marketing. Similarly, a Mini USA spokesperson told

eMarketer in June 2015 that more than 20% of the
automaker’s followers on Instagram typically see posts
from the brand, far better performance than it sees
on Facebook.
In a Q2 2015 study by L2 Think Tank, US fashion brands
saw an engagement rate of 0.63% on Instagram, well
ahead of the 0.09% on Facebook and 0.02% on Twitter.
The definition of “engagement rate” varied across the
platforms, however, with “likes” and comments counted
on Instagram; shares, “likes” and comments included
on Facebook; and favorites and retweets (but not replies)
Shareablee, a social analytics company, found that
consumer actions (such as favorites and comments)
for brand pages on Instagram more than doubled in the
first quarter of 2015 compared to the previous year. By
comparison, actions increased 32% on Twitter and 27%
on Facebook.
Growth in Engagement* of Posts on Facebook,
Instagram and Twitter Among US Brand Pages,
Q1 2015
% change vs. Q1 2014
Instagram 108%

on Twitter. Twitter 32%

Facebook 27%

Note: represents activity on pages tracked by Shareablee, broader industry

metrics may vary; *includes comments, favorites, "likes," retweets and
shares
Source: Shareablee as cited by Advertising Age, June 22, 2015
192671 www.eMarketer.com

“Organic engagement on a given Instagram post is

leaps and bounds above its counterpart on Facebook,
on Twitter, on Pinterest, on any of them,” said Pineiro of
Big Spaceship. “The reasons you’ll get numbers that
are so high is that you see every piece of content that
you’re subscribed to, and it’s really easy to tap once to
‘like’” something.

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 9
In addition to showing strong organic engagement, ad
engagement has also proven high, at least according
to several case studies published by Instagram. In a
June 2015 blog post, Instagram cited several examples
of advertisers in Canada achieving brand lift of 14 to
45 points.
“If you think about ad recall on the platform, it’s nearly
three times what you would see across the industry,
generally speaking,” Instagram’s Squires said.
Whether those sorts of metrics stay high will depend
on how the company handles the ad rollout and on how
marketers craft their pitches. Thus far, Instagram’s slow
and careful approach has cultivated a positive experience
for both brands and users. The introduction of a lot more
advertising, especially ads that seem out of place in the
Instagram environment, could irritate users and lead to
usage declines.
INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 10
MAKING THE MOST OF
INSTAGRAM ADS
After a slow and carefully managed beta test,
Instagram will soon open its doors to more
advertising. But marketers should not expect those
doors to be wide open.
Yes, Instagram will accept direct-response advertising,
and it will let advertisers use a self-serve platform or work
with an API partner to place ads. But the company won’t
be letting just any advertiser in.
“Instagram has been very careful about opening
up the doors to advertising, and they’ve been very
discriminating, and rightfully so, to protect the integrity
of the space,” said Janet Keller, the advertising, digital,
social media and CRM manager for General Motors’ GMC
division, one of the early brands to test advertising on
the platform.
And while Instagram won’t individually vet and approve
ads as it did during the beta test, its algorithm will be
trained to ensure “a really high-quality experience for
individuals,” said Squires. “Signals such as negative
feedback rates, ad engagement rates and comments
on those ads are fed back into the system. All of our
models will get trained to deliver the most relevant, most
interesting types of creative.”
Among the key issues that marketers will face as they
launch or expand their advertising on Instagram will be:
■■ How to insert a direct-response pitch into what was
previously only a branding environment
■■ How to maintain the high bar of creativity that users
and brands have come to expect
■■ How deeply to incorporate Facebook targeting
into Instagram
■■ How to measure results and compare Instagram
against other platforms
■■ When and how to incorporate a “shop now” button
What follows is an in-depth look at these challenges.
THIS ISN’T TYPICAL
DIRECT-RESPONSE ADVERTISING
Instagram is promoting a more muted approach to direct
response, one that takes into account cues from users
before initiating a pitch.
Advertisers will be able to add four types of buttons to
their Instagram ads: “learn more,” “install now,” “sign up”
and “shop now.” Each button will open up a browser that
takes the user to a page on the advertiser’s website, or to
a location within one of the mobile app stores. Users will
be able to return to Instagram by tapping a back button or
“X,” depending on their device.
The ability to leave Instagram and then easily return is
new; previously, the only way a brand could direct users
to its website was by referring them to its profile page,
where users could then click a hyperlink.
As part of the expansion into direct response, Instagram
is also changing the way advertisers buy ads. Currently,
they must buy directly from Instagram on a fixed-price
basis with guaranteed delivery.
By early autumn, advertisers will be able to use the same
methods and pricing structures as on Facebook. They
will be able to work with a wide range of API partners,
including 4C, Ampush, Brand Networks, Kenshoo,
Laundry Service, MediaVest, Nanigans, Olapic, Resolution
Media, Salesforce.com, SocialCode, SocialMoov and
Unified Social. They can also buy through Facebook tools
such as Power Editor. Fixed-price ads will still be available.
“You’ll have all the different bid models and pricing
models that are available on the Facebook side also
available to you on the Instagram side,” Squires said.
For those considering direct-response advertising on the
platform, here are some points to keep in mind:
IMAGE MATTERS: “[Instagram’s] a very unforgiving
environment if you’re going in there with an image that
looks stale or spammy,” said Kevin Lange, senior vice
president of social media at Starcom MediaVest. “There’s
going to be some tried-and-true tactics, especially on the
direct-response side, that aren’t guaranteed to work.”
INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 11
INVENTORY MAY BE CONSTRAINED, LEADING TO HIGHER BID
PRICES: In interviews, executives expressed concern that
Instagram will keep its ad inventory so limited that the
only direct-response advertisers that will win auctions will
be those with deep enough pockets to place higher bids.
Instagram declined to comment on ad load, but keeping
prices high would rule out many of the internet’s more
typical direct marketers.
THINK SUBTLE: Instagram’s buttons are small, and the
actions they encourage are very specific. They are
designed to support only a few types of engagement.
Advertisers might be wise to take cues from how
Instagram has incorporated the existing “learn more”
button into its carousel ad format. There, the button does
not appear on the first image, only on succeeding images.
The user must show a certain level of engagement in
order to even see the button.
“They obviously don’t want it to be a treasure trove
of gaming ads where people are just going to install
Candy Crush all the time,” said Chris Jacob, director of
product marketing for Social.com and Active Audiences at
Salesforce.com.
EVEN WITH SUBTLE PITCHES, USERS MAY STILL REBEL: The
reason some Instagram users started using the service
in the first place was to avoid the ad clutter of places like
Facebook. They may not react positively to new types of
ads on Instagram.
“Instagram is a completely closed system,” said Pineiro
of Big Spaceship. “Many users report that they love
Instagram because they’re not being marketed to. I feel
that the core Instagram users, those heavy users, are
going to be quite put off by the idea that they’re going to
start being led to other places.”
TARGETING WILL BE IMPORTANT: There won’t be much
love for loud or aggressive direct-response pitches. “If,
on Instagram, you’re offering some value and it’s well
targeted, it’s relevant and it adds to the conversation, then
I think people are likely to react well to it,” said Strother
of Lenovo.
CREATIVITY WILL STILL BE VALUED—
AND REWARDED
Instagram and its advertisers to date have worked hard
to ensure that their pitches meet a high bar of creativity.
Some have likened them to the glossy print ads in a
high-end travel or fashion magazine.
Setting a high bar was quite intentional, and several
executives interviewed by eMarketer reported that they
received extensive help from Instagram when crafting
their brand campaigns.
For example, GMC worked closely with Instagram for
an ad that used the carousel format. “We collaborated
with them directly and said, ‘Hey, how can you help
us, knowing what you know with the community, and
knowing what you know in terms of what works with this
community?” said Keller.
Instagram helped come up with the ad’s unique
format, which turned three carousel images into one
panorama-type image, Keller said.
Now, Instagram will move away from that sort of heavy
involvement. An algorithm will take over those duties, and
relevancy and creativity will be two key factors.
Executives identified several best practices for eMarketer.
These apply to both brand ads and direct response.
PRACTICE FOR PAID ADVERTISING BY HONING YOUR
ORGANIC INSTAGRAM PRESENCE: “Know what types of
images your customers are already looking at and taking
and sharing, so that by the time you turn on advertising,
the creative piece will come more naturally,” said Matt
Collins, vice president of marketing at Ampush.
DON’T REUSE: Instagram’s distinctive square image
format is only one of many reasons marketers can’t
(and shouldn’t) try to recycle ads from other campaigns.
Successful brands have developed unique assets
specifically for Instagram.
Marketers shouldn’t say, “Hey, I just bought a space on
Instagram, let me recycle a print ad, digitize it and put it
on Instagram,” said Keller of GMC. “As a marketer, it does
take a little bit more thought, and a lot more heavy lifting;
and it takes a lot more resources and time.”
INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 12
GO FOR “THUMB-STOPPING CREATIVE”: When promoting
its TV series “The Flash” last year, The CW constructed a
15-second video that showed a child on an airplane that
was speeding down the runway, interspersed with quick
cuts of “Flash” imagery.
“To try and do something that feels like Instagram and
not like an ad has been a creative challenge for us,” said
Caty Burgess, vice president of media strategies at
The CW Television Network. “We talk a lot about what
‘thumb-stopping’ creative is.”
CONSIDER USING A DIFFERENT TEAM: Rather than using
digital creatives and digital buyers, marketers may want
to use resources more familiar with branding, such
as those who work on TV campaigns, said Jacob of
Salesforce.com. “If those folks get involved in Instagram,
then I think you’ll see a higher bar [of creativity] than you
might see from the pure digital execution ads you see in
digital display or the pure direct response you might see
on Facebook or Twitter.”
EXPECT SOME CREATIVE LEEWAY: Because Instagram
won’t be reviewing and approving each ad, the reality
is that there will probably be somewhat more flexibility
on the creative front. A 13-year-old boy who likes
videogames is not likely to have as finely tuned aesthetics
as a 34-year-old man who follows fashion designers
on Instagram, for example, so the creativity bar may
be relative.
But Instagram’s Squires was reluctant to give over too
much of the control to marketers. With the ads rollout,
“advertisers will have the flexibility to create something
that is very relevant for the individual—and that’s in line
with the tone that has been set in the platform,” he said.
FACEBOOK TARGETING IS A HUGE STEP
FORWARD, BUT ALSO A RISK
Advertisers on Instagram will soon be able to target
ads using many of the same capabilities that Facebook
offers. Given that the current targeting on Instagram is
very broad (only gender, age and geography), this is a big
step forward.
One important new feature will be the ability to use
Custom Audiences, an ad product that has been a hit with
many Facebook advertisers. Custom Audiences allows
marketers to bring in their own information (such as an
email subscriber list) and target those people.
The connection to Facebook targeting is a primary reason
why many marketers are interested in Instagram.
“It could be a really powerful one-two punch,” said Lee
Nadler, marketing communications manager at Mini USA.
“The ability to have essentially the same interface that
you have when you’re doing Facebook advertising,
along with the same kind of data characteristics from a
targeting capability perspective, will make advertising
on Instagram a lot more effective,” said Jim Davis, vice
president of consumer engagement at Ugg Australia, a
unit of Deckers Brands.
But some executives expressed concern over the use
of Facebook information for targeting on Instagram. As
described above, many people use the two services in
different ways, and their activities may not match up.
“If I were to ever see an Instagram ad based off my
Facebook activity, I would be able to tell because my
behaviors are so different between the two platforms,”
said Meyers of Code and Theory. “I think consumers
understand that banner ads follow you around the
internet. But Instagram is this pure place, and I don’t think
it’s ready for that type of targeting.”
According to Squires, “there’s a combination of
signals that go into the targeting,” he said. “The demo
targeting—age, gender, geography—is very accurate
because identity is very strong on Facebook. There are
signals on ‘likes’ and interests and psychographics that
come from the Facebook side. There are also signals that
you get from the Instagram side.”
How should marketers approach targeting on Instagram?
Slowly, at least at first, until users get used to the idea.
FACEBOOK DATA IS ONLY ONE PIECE OF THE MIX: “I think the
most valuable targeting is going to be less about what
they’re doing on Facebook and more about what we
know about that audience and what they’re passionate
about or where they’re at in the product or purchase cycle
for a given brand,” said Lange of Starcom. “It’s definitely
less about retargeting specific behaviors on Facebook or
from another site.”
CONSIDER USING INSTAGRAM TO CAPTURE ATTENTION AND
THEN FACEBOOK FOR FOLLOW-UP: Mini is one marketer that
has experimented with doing a branding campaign on
Instagram and then retargeting the users exposed to the
campaign on Facebook.
INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 13
This spring Mini launched a campaign on Instagram to
promote its Countryman compact SUV. The automaker
teamed up with skateboarder Tony Hawk and his family in
a series of ads designed to promote the Countryman as a
family-friendly option.
Mini tracked which Instagram users were exposed to the
ads and followed up with ads that appeared when those
users were on Facebook. Those that interacted with a
Facebook ad were then retargeted with additional Mini
advertising on Facebook.
“You can look at Instagram as an opportunity to start a
conversation and get somebody inspired quickly, and
then you can retarget them on Facebook,” said Nadler.
“With Facebook, they can go deeper. You can show
a longer-form video, you can engage with them in a
different way, you can get them to sign up for things.”
RECOGNIZE THAT TARGET AUDIENCES WILL BE SMALLER:
Facebook is so large that even very specific targeting can
still yield a sizeable audience. But since Instagram is so
much smaller, that won’t be the case there.
“Facebook gives you so much specificity you can really
spend a lot of time crafting the right target audience,”
said Eli Perez, a social media analyst at AKQA. “It will
be interesting to see what sort of carryover that has to
Instagram from both a qualitative perspective and also
a quantitative, and how big these audiences are going
to be.”
MEASUREMENT IS IMPROVING BUT NOT
FULLY DEVELOPED
Marketers generally agree that Instagram’s measurement
capabilities need work. In a December 2014 Cowen
survey asking senior ad buyers in the US to identify
the benefits of buying advertising on Instagram, only
6% cited return on investment (ROI) and just 4%
cited measurement.
Benefits of Advertising on Instagram According to US So far, every brand advertiser that has used Instagram
Senior Ad Buyers, Dec 2014 has gotten a Nielsen Brand Effect study (which tracks
% of respondents brand metrics such as awareness, attitude, intent and
User base (in size) 70% preference in real time) as part of their ad package.
Mobile capabilities 64% Instagram has conducted studies for more than
Audience targeting capabilities 15% 475 campaigns.
ROI 6%
Competition 4%
As Instagram rolls out its action buttons, “there will
Measurement 4%
be additional measurement functionality around those
No potential issues 2%
specific actions, around conversion and purchase
Campaign set-up 0%
Other 33%
behavior,” Squires said.
Source: Cowen and Company, "Annual Ad Buyer Survey III: 2015 Outlook,"
Jan 12, 2015 Because Instagram will be able to tap into what Facebook
184483 www.eMarketer.com has already developed, that should quicken the pace at
“I think what we’ve struggled with on the paid side of which advertisers become comfortable—assuming the
Instagram is that it’s hard to really understand where metrics continue to be as positive as the brand-oriented
the value might come from,” said Davis of Ugg Australia. ones the initial advertisers have seen.
“We try to track some of the same kind of things that
everyone else does, but we’ve seen a really mixed bag on “We’ve seen strong results across the board against
all those measures.” brand lift as well as message recall metrics,” Starcom’s
Lange said. “But where I would really like to see more
That lack of visibility, combined with the high price of opportunities from Instagram is in facilitating multi-touch,
Instagram’s brand campaigns, has kept some advertisers multichannel attribution, whether that’s looking at online
on the sidelines during beta testing. KPIs or conversions, or in-store sales.”

“It’s a high-dollar ask compared to what you can do on

other platforms. And you don’t get a lot of knowledge
back from it,” said Brian Austin, creative strategist at Code
‘SHOP NOW’ HAS ITS LIMITATIONS; APP
and Theory. “The insights and the reporting are what INSTALL ADS MAY DO BETTER
make the advertising on social so useful. You get very
Like its social media brethren, Instagram will be launching
sharp demographic learnings and key takeaways that you
a “buy” button.
can apply to future spend, future strategies. Instagram
has always been a little bit of a blank wall in that regard.” When users click either the “shop now” or “install now”
button on an ad, they will be taken either to a retailer’s
The good news is that it will get better—and the goal
webpage embedded within Instagram or to an app
is to make Instagram’s measurement tools comparable
store. The transaction will therefore take place on the
with Facebook’s.
advertiser’s website or in the app store. Instagram will not
take a cut of revenue from sales—advertisers will pay for
“There will be measurement parity with Facebook
the ad to promote whatever product they want to sell.
from brand advertising all the way to direct response,”
said Squires.
It is difficult to imagine that retailers will get more than
the occasional sale from Instagram, however. In the US
That sort of statement will appeal to potential advertisers
and Western Europe, only 4% of digital buyers surveyed
like Sven Alwerud, CEO and co-founder of Jelly
by UPS in October 2014 said they used Instagram to
Skateboards. “I’m hoping [the measurement capabilities
help decide which products to purchase. Asia-Pacific
are] pretty much the same as for Facebook ads because
respondents were similarly disinclined, at 6%. Brazil
I’m already used to that and so are thousands of other
ranked higher, at 19%, but buyers there appeared to be
Facebook ad experts,” he said.
more willing to rely on social media for shopping advice
than those in other countries and regions.

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 14
Social Networks Used by Digital Buyers in Select However, once a user clicks through to the advertiser’s
Countries/Regions When Deciding Which Products to website, they may be able to navigate to additional
Purchase, Oct 2014 products and purchase them from there.
% of respondents
Asia- Brazil Mexico US Western
Pacific* Europe** APP INSTALL ADS MAY BE A BETTER FIT: eMarketer
Facebook 23% 65% 56% 20% 21% estimates that $3 billion will be spent on mobile app
Google+ 9% 35% 31% 8% 12% install advertising in the US this year, and Facebook is a
Instagram 6% 19% 9% 4% 4% leading recipient of that spending. App advertisers that
Twitter 5% 22% 17% 6% 6% have grown accustomed to using Facebook’s extensive
LinkedIn 3% 12% 7% 3% 3% targeting capabilities will appreciate being able to use the
Pinterest 3% - 9% 10% 3% same on Instagram.
Other 27% 14% 20% 1% 2%
Don't use any social 43% 16% 23% 65% 65% “The easier we can make it for our customers to access
networks (for
product purchases) our product, the better,” said Cara Friedman, social
Note: ages 18+ who made at least two digital purchases in a typical three- media marketing manager at ClassPass, which has been
month period; *includes China, Hong Kong, Japan, Singapore and South
Korea; **includes France, Germany, Italy, Netherlands, Spain and UK testing ads with an Install Now button to prompt users
Source: UPS, "Pulse of the Online Shopper: A Customer Experience Study" to download the company’s fitness class scheduling app.
conducted by comScore Inc., March 3, 2015
187203 www.eMarketer.com “Technically, right now you can install from Instagram if
you go to our profile and click on our link. The fewer clicks
Instagram’s partnership with image monetization
we can have to get people to do what they’re trying to
platform Curalate will continue. Curalate offers a concept
accomplish, the better.”
called Like2Buy to retailers looking to sell products
via Instagram.

“We believe that a lot of brands and retailers will want to

test what investments they’ll want to make in Instagram
advertising by using Like2Buy,” said Matthew Langie,
Curalate’s chief marketing officer.

Here are a few ways to think about the ecommerce

potential on Instagram:

IT’S NOT FOR THE EVERYDAY: Rare, unusual or eye-catching

items will likely spur some users to shop—more so than,
say, grocery staples. “Having the ability to just tap, see
where it is, and buy it right there is one example where
this technology is a plus,” said Austin of Code and Theory,
who cited NikeLab’s special-edition shoes as one type
of product that might sell on Instagram. “We all know
we can go to the grocery store for whatever breakfast
cereal is out there, but when these small-batch or unique
products [get promoted on Instagram] it’s really, really
important to be able to make a seamless transition from
awareness to purchase.”

DON’T PLAN ON PROMOTING A LOT OF PRODUCTS: The

“shop now” button doesn’t mesh well with advertisers
that want to display a lot of products, or that want to
showcase their entire catalog. Most advertisers will want
to highlight just one or perhaps a couple of products and
drive commerce that way.

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 15
 EMARKETER INTERVIEWS Jim Davis
VP, Consumer Engagement
Ugg Australia
CW Leverages Instagram’s Autoplay Ads to Promote
Interview conducted on June 23, 2015
‘The Flash’
Caty Burgess Cara Friedman
VP, Media Strategies Social Media Marketing Manager
The CW Television Network ClassPass
Interview conducted on June 18, 2015
Interview conducted on June 24, 2015

GMC Aims to Increase Brand Familiarity via

Chris Jacob
Instagram Collaboration
Director of Product Marketing, Social.com and
Janet Keller Active Audiences
GMC Advertising, Digital, Social Media and Salesforce.com
CRM Manager Interview conducted on June 25, 2015
General Motors

Interview conducted on June 22, 2015 Kevin Lange

SVP, Social Media
Instagram to Open Platform to All Advertisers This Fall Starcom MediaVest Group
Interview conducted on June 18, 2015
Jim Squires
Director, Market Operations
Instagram Matthew Langie
Interview conducted on June 17, 2015
CMO
Curalate
Direct-Response Ads Pave Way for Monetization Interview conducted on June 18, 2015

of Instagram
Jessica Lauria
Rod Strother
Senior Director, Brand Communications
Director, Worldwide Digital and Social
Chobani
Lenovo
Interview conducted on June 23, 2015
Interview conducted on June 25, 2015

Kelly Meyers
Sven Alwerud
Senior Creative Strategist
CEO and Co-Founder
Code and Theory
Jelly Skateboards
Interview conducted on June 16, 2015
Interview conducted on June 19, 2015

Marshall Manson
Brian Austin
Managing Director, EAME, Social@Ogilvy
Creative Strategist
Ogilvy and Mather
Code and Theory
Interview conducted on April 14, 2015
Interview conducted on June 16, 2015

Lee Nadler
Allyson Campa
Marketing Communications Manager
VP, Marketing
Mini USA
Dot & Bo
Interview conducted on June 23, 2015
Interview conducted on June 25, 2015

Eli Perez
Matt Collins
Senior Analyst
VP, Marketing
AKQA
Ampush
Interview conducted on June 16, 2015
Interview conducted on June 11, 2015

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 16
 Victor Pineiro Waggener Edstrom Asia-Pacific
VP, Social Media YouGov
Big Spaceship

EDITORIAL AND
Interview conducted on June 23, 2015

Cait Pluto PRODUCTION CONTRIBUTORS

Associate Manager, Customer Acquisitions
ClassPass
Interview conducted on June 24, 2015
RELATED EMARKETER REPORTS
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Cliff Annicelli Managing Editor, Reports
Joanne DiCamillo Senior Production Artist
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Kris Oser Deputy Editorial Director
Ezra Palmer Editorial Director
Heather Price Senior Copy Editor
John Rambow Senior Editor
Allie Smith Director of Charts

Video Advertising: How Facebook, Twitter, Instagram,

Tumblr and Snapchat are Changing the Rules

RELATED LINKS
Advertising Age
Canaccord Genuity
comScore, Inc.
Cowen and Company
GfK
GlobalWebIndex
JMP Securities
J.P. Morgan
L2 Think Tank
Mobile Marketing Data Lab
Office of Communications (Ofcom) – UK
Opinion Box
Pew Research Center
Raymond James
RBC Capital Markets
Reuters Institute for the Study of Journalism at the
University of Oxford
Salesforce Marketing Cloud
Shareablee
Strata
Trefis
University of Massachusetts Dartmouth Center for
Marketing Research
UPS

INSTAGRAM ADVERTISING: WHAT MARKETERS NEED TO KNOW ©2015 EMARKETER INC. ALL RIGHTS RESERVED 17
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