Instagram hits 700 mn user mark

Instagram now boasts over 700 million users, says Instagram co-founder Kevin Systrom, who satarted the site in 2010 along with fellow Stanford University graduate Mike Krieger. Of that, an estimated 400 million users checked the website or the app on a daily basis.

Approximately 560 million of Instagram's total user base now resides outside of the US, which indicates the site's broad appeal across the globe.

In comparison, Snapchat currently boasts over 160 million daily users.

From June 2016 through December of 2016, the popular social photo- and video-sharing service user base increased from 500 million to 600 million. Also, with no signs of slowing down, Instagram needs only four months to see its user base jump from 600 to 700 million users, which represents the site's most impressive growth rate in its relatively short history.

Though there had been some criticism over its copying of Snapchat features, Systrom likened Snapchat's features to a new ''digital format'' as opposed to a true innovation.

''I don't know much about the history of cars, but let's say the Model T was the first car,'' Systrom explained to The New York Times. ''So what do you think the first car company other than Ford was thinking? Are we copying Ford, or is this a new mode of transportation that everyone is going to have different takes on?''

Meanwhile, commentators, pointed out that though the user base was by itself impressive, more notable was the rate at which Instagram grew; it managed to pick up 100 million users in only four months.

According to Instagram, this was the fastest rate the app gained 100 million users in its history, adding that a number of things helped, including the ease with which users could sign up for the app and find Facebook friends through it.

San Francisco-based Instagram was acquired by Facebook in 2012 for $1 billion (See: Facebook to acquire photo-sharing app maker Instagram for $1 bn).