Instagram Stories is now at 250 million daily active users, vastly surpassing Snapchat’s rate according to Facebook’s global head of sales Carolyn Everson.
Instagram added Stories in August 2016, which allows users to post disappearing stories for a 24-hour period eerily similar to Snapchat’s capabilities. By January, the feature had 150 million daily active users.
Stories first reported passing Snapchat in April, when it announced it had 200 million daily active users.
Snap said its platform has 166 million daily active users during its last earnings report in May. Snap shares declined about 3 percent after the new Instagram Stories daily active user numbers were announced.
Everson dismissed the copycat allegations to CNBC, saying Facebook invented the Feed format which Instagram and other competitors current utilize. People and businesses like the Stories format, she said. A third of Story users are businesses, Everson added.
“We think Stories is also another format that not only consumers but advertisers use,” she said. “You are going to see Stories on [our] other formats as well.”
– Reporting by Sally Shin and Julia Boorstin.