Instagram announced Thursday it has over 200 million daily active users (DAU's) on its Stories platform, surpassing Snapchat's latest estimate of 161 million. Instagram has been repeatedly copying Snapchat Stories features, from stickers to location filters, in an attempt to lure Snapchat's millennial audience.

Why it matters: Instagram Stories launched less than a year ago and already its been able to put a dent in Snapchat's growth. According to its S-1 filing earlier this year, Snapchat has grown its DAU base by a little over 8% in the three quarters since Instagram Stories launched, compared to the 31% growth over the three prior quarters.