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.

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James Murdoch exits News Corp. board

James Murdoch. Photo: Bryan Bedder/Getty Images

Former 21st Century Fox CEO James Murdoch filed a letter of resignation from the board of News Corp. on Friday in light of disagreements over editorial content published by the company-owned news outlets, including the Wall Street Journal and New York Post.

What he's saying: “My resignation is due to disagreements over certain editorial content published by the Company's news outlets and certain other strategic decisions," Murdoch's letter reads.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 17,421,013 — Total deaths: 675,213 — Total recoveries — 10,205,359Map.
  2. U.S.: Total confirmed cases as of 5 p.m. ET: 4,541,016 — Total deaths: 152,940 — Total recoveries: 1,414,155 — Total tests: 54,466,962Map.
  3. Politics: White House, Democrats at stimulus stalemateCDC director says he wasn't involved in decision to change data reporting.
  4. Business: Pandemic wipes out 5 years of economic growth in 3 months — PPP was not distributed equally across racial lines.
  5. Public health: More than half of COVID-19 cases from summer camp in Georgia were from kids, CDC says.
  6. World: Boris Johnson pauses England's reopening.
  7. 🎧 Podcast: The untold mental toll of COVID-19.

The pandemic's IPO boom might not last long

Illustration: Sarah Grillo/Axios

The IPO market has boomed during the pandemic era, both for real companies and shell companies, reflecting the broader decoupling of the equity economy and real economy.

Reality check: Things could soon change. And fast.