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Two tech milestones reported Tuesday show how drastically different the strategies are for Snapchat and its rival Instagram, which has been putting a dent in Snapchat's user growth ever since adopting Snap's "Stories" feature last summer.

  • Instagram Stories hit 250 million daily active users (DAUs) Tuesday, Facebook's global head of sales Carolyn Everson told CNBC. The number again surpasses Snapchat's 166 million DAUs, last reported during its first earning's report in May.
  • Snapchat became one of the first tech companies to win a prestigious Edward R. Murrow Award for outstanding achievements in electronic journalism Tuesday, winning alongside legacy news outlets like The New York Times and Washington Post.

Why it matters: Instagram's milestone is a reflection of its overall strategy, which is to grow its user base in order to sell scaled data-based advertising against it. Snapchat is also looking drive some scaled ad revenue, but is simultaneously working to win over the lucrative $70 billion TV ad dollar market through highly-produced original content on mobile — a reported $100 million content and advertising deal the company announced yesterday with Time Warner indicates that strategy is an effective one.

Between the lines: Instagram is part of Facebook's Audience Network, which allows the company to sell data from billions of users across all of Facebook's platforms (Messenger, Instagram, Facebook, etc) to advertisers. This data is gold for advertisers, regardless of the fact that it's not all user generated. (Everson also announced Tuesday that 1/3 of all Instagram "Stories" users are actually businesses.) Because a large part of Snapchat's business is to sell ads against users who spend a lot of time with content, its focus is on driving home user engagement, a number they've reportedly been able to push past Instagram. (According to Snapchat, the average user spends roughly 30 minutes daily on the platform, while Instagram has yet to release time spent metrics. Third-party measurement groups, like Mediakix, also show that Snapchat surpasses Instagram in user engagement.)

Go deeper

Dion Rabouin, author of Markets
48 mins ago - Economy & Business

How the tech stock selloff is hurting average Americans

Expand chart
Data: FactSet; Chart: Axios Visuals

Investors holding the ultra-popular Nasdaq 100 and S&P 500 index funds have been hard hit over the last two weeks as tech shares have been roiled by rising U.S. Treasury yields.

Why it matters: Even though the economy is growing and many U.S. stocks are performing well, most investors are seeing their wealth decline because major indexes no longer reflect the overall economy or even a broad swath of public companies — they reflect the performance of a few of the country's biggest companies.

1 hour ago - World

UN rights chief: At least 54 killed, 1,700 detained since Myanmar coup

A Feb. 7 protest in Yangon, Myanmar. Photo: Getty Images/Getty Images

Police and military officers in Myanmar have killed at least 54 people during anti-coup protests, while "arbitrarily" detaining over 1,700 people, United Nations Human Rights Commissioner Michelle Bachelet said Thursday.

Why it matters: Protesters have demonstrating across Myanmar for nearly a month, demanding the restoration of democracy after the country's military leaders overthrew its democratically elected government on Feb. 1.

3 hours ago - Health

The danger of a fourth wave

Expand chart
Data: The COVID Tracking Project, state health departments; Note: Anomalous Arkansas case data from Feb. 28 was not included in the calculated change; Map: Andrew Witherspoon/Axios

The U.S. may be on the verge of another surge in coronavirus cases, despite weeks of good news.

The big picture: Nationwide, progress against the virus has stalled. And some states are ditching their most important public safety measures even as their outbreaks are getting worse.