I am in the midst of another social media experiment – Instagram. I see the value of the platform for savvy marketers. I understand the value of utilizing it as a connectivity tool with friends, if one has friends on Instagram. To me, Instagram is a game changer.
To better understand the relevancy of Instagram as a leading social media platform, let me share some key stats.
· 400 million active monthly users that share 70 million photos per day.
· It is a global phenomenon; 70% of Instagram users come from outside the U.S.
· eMarketer projects that Instagram will generate $2.81 billion in ad revenue by 2017 (last year it generated approximately $600 million).
· 56% of the platform’s users have been on it 1-2 years of which 53% actively share what they are doing. Note: 7.4% share food and beverage photos.
· 71% of their users’ access Instagram when they are free; 12% every hour!
So why do I believe it is a game changer? Two things: 1.) We live in a very visual society. It is easier to share photos rather than write about an activity even if we have a social platform (Twitter) which enables us to write 140 characters; and 2.) It will eliminate the need for mailing postcards to family and friends, thus reduce the revenue generated from postage stamps. In addition, it will negatively impact the revenue of numerous specialty magazines (e.g., travel, food, fashion, etc.).
Will I continue to utilize Instagram? Not as frequently as the other platforms I am committed to such as Twitter and LinkedIn because I enjoy aggregating information. But it certainly is a great way to fantasize taking a trip to a warmer part of the world, especially in the dead of winter here in Philadelphia.