Today, Snapchat announced that it has paid $3 million to Instagram for a marketing account and $5.5 million in promotional ad space.
The company announced the deal with Instagram to capitalize on the company’s growing presence on social media.
“We’re thrilled to be partnering with Instagram, which is a great example of how Instagram is embracing a more digital platform,” Snapchat CEO Evan Spiegel said in a statement.
“Instagram has grown to be one of the most valuable brands on the Internet.
This agreement provides us with the opportunity to expand our reach, reach and reach reach-ability of Instagram.”
Snapchat will spend $5,000 on ads and $100,000 for marketing.
“Instagram’s global reach has exploded over the past year, and now we’re expanding our reach in other ways,” said Evan Spiegel.
“The new Instagram account will allow us to continue to grow Instagram’s reach and to be the brand with the best reach across Instagram, Snapchat and social media.”
According to Instagram, Instagram has more than 100 million monthly active users and 1 billion active daily users.
The Instagram deal was announced at the Instagram conference in San Francisco, where the company announced it was launching its own Snapchat-branded advertising platform.
The deal includes the following categories:Advertising,Marketing,Brand & Digital,Markets,Marketers,Advertising.