Instagram Forecast to Reach $71bn in 2024

Instagram is forecast to reach $71bn in 2024, following a strong recovery that has seen its ad revenue bounce back to growth this year, according to WARC Media’s latest Platform Insights report and ad spend forecast. 

Instagram’s parent company Meta experienced three consecutive quarters of year-on-year ad revenue decline, with Facebook faring especially badly in the past year. Instagram avoided year-on-year contractions, per WARC Media data, but growth was largely flat between Q2 and Q4 2022.

By Q4 this year, the platform is forecast to post quarterly ad revenues of $17.7bn, up 25.8% year-on-year, largely thanks to its improvement in AI targeting – offsetting the impact of Apple’s App Tracking Transparency (ATT) policy – and Reels monetisation.

Global retail category spend on Instagram will rise to a forecasted $9.1bn in 2024 while the business and industrial sector continues its position as the largest spending category on Instagram, forecast to grow 20.1% year-on-year in Q4 2023.

Global Android users spend an average of 12 hours per month on the platform. Instagram’s monthly global advertising reach has stood at around 1.3 billion over the past two years, according to Kepios, slightly ahead of TikTok’s advertising reach.