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Matt McGee via Flickr CC

Instagram announced Wednesday that they've reached the 1 million advertiser mark, up 200,000 advertisers in a year. The company credits its growing ads accounts to small businesses, which they've been strategically courting for a while with free "business profiles," and a new "Insights" feature, which lets business access real-time account analytics.

Next up: Instagram plans to evolve business profiles with the ability to book a service with a business directly from their profile later this year. It will also add more business insights on stories, posts saved, and multi-post images.

Why it matters: With roughly 80% of Instagrammers following a business and more than 20% of Instagrammers engaging with business accounts, Instagram has set itself up to be a top e-commerce social platform, which is key in drawing advertisers away from Snapchat, its less commerce-friendly competitor. RetailDive notes that Instagram's relationship with Facebook makes e-commcerce growth easier, by allowing retail advertisers to plug product information into Instagram's shopping platform that's already stored on Facebook.

Go deeper

3 hours ago - Health

India crosses 1 billion COVID vaccinations milestone

A health worker inoculates a COVID-19 vaccine dose to a man wearing a face mask of Prime Minister Narendra Modi in Beawar, India, in September. Photo: Sumit Saraswat/Pacific Press/LightRocket via Getty Images

India's Prime Minister Narendra Modi announced Thursday that the country's health workers have now administered more than 1 billion COVID-19 vaccines doses.

Of note: While this is a significant milestone for the country of 1.4 billion, which has been devastated by the coronavirus, only about 30% of the eligible population has been fully vaccinated against the virus, per AP. Roughly 75% has received at least one dose.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.

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