Instagram statistics you need to know for 2024 [Updated]

You may be constantly monitoring your Instagram performance. But your brand’s numbers alone aren’t enough to give you a complete picture. You need to stay updated with the latest Instagram statistics to understand industry benchmarks and trends.

Staying on top of the latest social media stats will help you anticipate changes and fine-tune your strategy accordingly. This is particularly true for a platform like Instagram, which evolves rapidly with new features.

So let’s take a look at some of the top Instagram stats that will inform your strategy for 2024.

Table of contents

• Instagram user statistics
• Instagram usage statistics
• Instagram audience and demographics statistics
• Instagram advertising and marketing statistics
• Instagram Stories and Reels statistics
• Instagram for business statistics
• Instagram influencer statistics
• Making the most of these Instagram stats

Instagram user statistics

Understanding how people perceive and use the platform will help you understand the best way to connect with them. This will help you develop Instagram best practices to implement in your strategy. These Instagram user statistics can give you a better look:

1. Almost every Instagram user uses the app alongside other platforms

According to data from Kepios, only 0.2% of Instagram users are unique to the platform. A large number of users use it alongside other social media platforms such as Facebook (80.8%), YouTube (77.4%) and TikTok (52.8%). That means having a solid cross-platform marketing strategy is crucial for your brand to succeed.

2. Posting/sharing photos or videos continues to be the top activity

In previous years, people were largely using Instagram to post or share photos and videos. The numbers aren’t changing much in 2024 with the Kepios report showing that 70.4% of users are using the platform for this reason. This indicates a desire for users to be creative and express themselves.

3. People are seeking entertainment on the platform

The same report shows that people are increasingly using the platform for entertainment. Looking for funny or entertaining content was the second most popular activity, with 64.8% of users engaging in it. So brands should get ahead by creating Instagram content that can entertain their audience.

Instagram usage statistics

How popular is Instagram in terms of usage? Let’s take a look at these Instagram usage statistics to find out:

4. There are 2 billion monthly active users on Instagram

Latest reports show that Instagram has 2 billion monthly active users. While not at the Facebook level (over 3 billion), this is still huge for brands on Instagram. With the right strategies to get more Instagram followers, these users could turn into loyal fans of your brand.

5. US adults spend 33 minutes per day on the platform

Video-based platforms like YouTube and TikTok have become a huge hit among social media users. At the same time, people are still spending a significant amount of time on Instagram. In fact, time spent on Instagram has seen a slight increase in the past year. U.S. adults are spending 33.1 minutes per day on the platform. This is a 3-minute increase from the previous year.

Source: Insider Intelligence

Instagram audience and demographics statistics

Understanding Instagram’s demographics data gives you an idea of the types of people who use the platform. This helps you assess whether the platform is relevant to your target audience. Here’s a quick breakdown of Instagram statistics related to its audience and demographics.

6. There are more male than female users

Based on available data on Instagram users worldwide by gender, there are more male users (51.8%) than female users (48.2%) as of January 2023. The audience is a near even split, meaning the platform isn’t inherently better for reaching one demographic audience over another.

7. Instagram is most popular among younger audiences

The platform sees the highest usage among people aged between 18 and 34. People within these age groups make up over 60% of Instagram’s user base. As such, the platform is ideal if your target audience consists of young adults and Millennials.

Source: Statista

8. India and the United States have the greatest number of users

Much like other platforms, India leads the way even when it comes to Instagram. The country has 229.5 million Instagram users. The United States comes next with 149.35 million users.

Instagram advertising and marketing statistics

Are you getting the most out of your Instagram advertising efforts? Is it even worth it to market your brand on Instagram? Here are a few Instagram stats to give you the answers you need.

9. Instagram ad reach is growing

Along with the increase in users, Instagram is offering an increase in ad reach. The Instagram statistics report from Kepios shows a 12.2% year-over-year increase in ad reach. This makes the platform an ideal choice for brands that want to advertise on Instagram.

10. In-feed ads make up most of the platform’s ad revenue

Oberlo reports that Instagram ad revenue reached $50.58 billion in 2023. Out of this, in-feed ads were a major contributor. Meanwhile, ads on Instagram Stories made up 26.7% of the platform’s ad revenue. In 2024, it’s anticipated that Instagram ad revenue will reach $59.6 billion.

11. Feed ads have a higher click-through rate (CTR) than Stories ads

A likely explanation for the preference of in-feed ads is the higher click-through rate (CTR)

Brafton reports that the CTR for feed ads on Instagram ranges between 0.22% and 0.88%. Meanwhile, Stories ads have a CTR between 0.33% and 0.54%.

These numbers suggest that in-feed ads have a higher potential to drive clicks than Stories ads. However, consider experimenting with different ad placements to see which one works best with your audience.

12. The average cost-per-click (CPC) of Instagram ads is $0.00 – $0.25

Ad costs on Instagram are comparable to other leading platforms like Facebook.

According to a WebFX survey, the CPC for Instagram ads is between $0.00 and $0.25. Impressions cost slightly more, with 46% of companies paying between $0.00 and $4.00 CPM (cost-per-impression) per 1,000 impressions. Meanwhile, you can expect to spend around $0.03 to $0.08 in CPE (cost-per-engagement).

Source: WebFX

13. Brands see an average conversion rate of 1%

Bazaarvoice found that the average conversion rate for top-performing brands on Instagram was 1%. During this analysis, it discovered a close relationship between reach and conversion rate.

Interestingly, it’s no longer just the brands with smaller followings that are boasting higher conversions. Brands having up to 100k followers did see higher-than-average conversions compared to last year (1.1% vs. 0.3%). And those with fewer than 10k followers still boast the highest conversion rate (1.3%), but not as much of a lead as last year (2.6%). However, brands having between 500k and 1 million followers had similar conversion rates as past years (0.7%).

Source: Bazaarvoice

Instagram Stories and Reels statistics

Instagram offers a wide range of content types to choose from, with Stories and Reels being popular options. Check out these Stories and Reels statistics to see how these formats are performing:

14. Story reach rate is picking back up

In spite of a decline in the previous years, the reach rate for Instagram Stories is finally starting to rise again. According to a RivalQ study, smaller brands with under 10k followers experienced the most significant increase (35%) in Story reach rate. Other groups experienced minor increases while the reach rate for mid-size brands flatlined.

Source: RivalIQ

15. Retention rate continues to decline with an increase in the number of frames

The same Rival IQ study found that the number of frames you post to your Instagram Stories determines how well you retain your audience. After a major dip from the first two frames, the median retention rate remains at 81% by the fourth frame. Story retention rate starts to dip below 75% after the seventh frame.

16. Short narrative-type Stories are the most popular format

When it comes to the types of Stories that people want to see, short narratives are the most popular. Thirty-five percent of consumers prefer these types of Stories with a mix of photos, videos and text. Stories with quizzes and polls were another popular option.

So if you’re running out of Instagram Story ideas, use these stats to brainstorm new ideas that engage your audience.

Source: HubSpot

17. Reels still have the highest reach rate

Since their introduction, Reels have continued to surpass other content types in terms of reach. A Socialinsider study found that Reels see an average reach rate of 30.81%. That’s double the reach rate of other content formats. Even in terms of impressions, Reels surpass other post types with 2x more impressions.

However, this upward trend could soon end as the visibility of Reels experiences a slowdown. The RivalIQ study from earlier found that Reels had the smallest increase in reach compared to other post types.

18. Reels engagement is dropping

On that note, engagement rates for Instagram Reels are starting to drop. The SocialInsider study found a 25% decline in Reels engagement over 2023.

That said, the average engagement rate for Instagram Reels still stands at 1.23% per post and it continues to be the most engaging Instagram post type.

Source: SocialInsider

The declining numbers in engagement don’t mean brands should stop creating Reels. Rather, it indicates a need to create Reels content that engages your audience. Check out our Instagram Reel ideas guide to create capitvating Reels and keep up with the competition.

Instagram for business statistics

So far, the benefits of Instagram for marketing your business are clear. Let’s further dive into these Instagram for business stats to really understand its value:

19. 70% of shoppers look to Instagram for their next purchase

Internal Instagram data reveals that 70% of shoppers look to the platform for their next purchase. Meaning this is where people go to find purchase inspiration and discover new products.

20. More than half of Instagram users follow/research brands and products

Although people mostly use Instagram to share and consume content, that’s not the only thing they do. The good news for brands is that plenty of users engage with brands on the platform.

Based on the same Kepios Instagram statistics report above, 62.7% of Instagram users follow or research brands and products on the app. This makes it the third most preferred activity on Instagram, highlighting the platform’s role in informing people’s buying decisions.

More importantly, it’s the most used platform for researching and following brands and products compared to all other social media platforms.

Instagram influencer statistics

Instagram’s place in the influencer marketing landscape continues to solidify. This means that many brands are turning to the platform to execute their influencer marketing campaigns. Here’s a quick look at some leading influencer marketing stats for Instagram:

21. Instagram is the top platform for influencer marketing

Unsurprisingly, Instagram is the most used platform for influencer marketing. The latest stats reveal that 80.8% of marketers plan to use it for influencer marketing in 2024. So if you’re planning to work with influencers, Instagram is a great place to start.

22. Most Instagram influencers are nano influencers

According to Statista, nano influencers having 1,000-10,000 followers make up 65.39% of Instagram influencer accounts. Micro-influencers are the second most popular group making up 27.73% of influencer accounts.

Source: Statista

This is great news for brands, especially with the popularity of nano influencer marketing. It means brands have an abundance of options on the platform to find the perfect influencers with the right niche and engaged audiences.

Making the most of these Instagram stats

The above Instagram statistics give you a clearer picture of the landscape, so you know what you’re up against. Make the most of them to build a solid Instagram marketing strategy for your brand.

The post Instagram statistics you need to know for 2024 [Updated] appeared first on Sprout Social.

Source link