Instagram says advertisers more than double in six months

(Reuters) – Facebook Inc's Instagram said on Thursday its advertising base more than doubled to exceed 500,000 in the last six months. Instagram, the popular picture-sharing app that uses Facebook's ad technology to target highly specific audiences, has gained traction as the preferred platform used by ad agencies for social media campaigns. The company, which was bought by Facebook for $1 billion in 2012, is expected to generate $1.5 billion in advertising revenue this year, according to research firm eMarketer.

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